The fact that inflation can move within a certain range is an  1  For an illustration, see figure 2.13 in Fahr, Motto, Rostagno, Tristani and Smets (2011), “A monetary policy strategy in good and bad times: lessons from the recent past”, ECB Working Paper n° 1336. 4  BIS central bankers’ speeches  important pre-condition.
Indeed, the Governing Council’s specification of the ECB’s primary objective has two characteristic features, which complement its monetary pillar. First, it is a range of values, not a point target. Second, it is based on a medium-term orientation. This has two implications. First, there is some flexibility as to where inflation could be within the range at any point in time.