8 A fair assessment of the performance of inflation targeting, however, also has to acknowledge that the euro area like all other major inflation‐targeting jurisdictions has avoided the risk of falling into a deflationary spiral from materialising. 7  3  Against this background, some commentators argue that inflation targets should be replaced with some sort of level target.
The two most prominent examples are price level targeting and nominal GDP level targeting, where central bank aim to stabilise the price level and nominal GDP respectively along some target path.