For this reason, it would be highly desirable for the Federal Reserve to publicly commit to a clear and explicit inflation objective. While an inflation target is not a panacea for all the challenges facing monetary policymakers, it is an important element in a credible program for monetary and economic stability.
The expert committees will also need to be involved in the preparations. Our aim is not to cause an unnecessary stir in the markets, and we will stick to this position. The markets were recently hoping for more information about how the reduction to € billion would be distributed between the individual purchase programmes.