The Chairman of the Federal Reserve in the US once defined 'price stability' as a situation in which no-one considers inflation as something that has to be taken into account in economic decisions. Apparently we have not yet reached the  BIS Review 39/2001  1  stage where we regard low inflation and price stability as natural.
On the one hand, there appears to be a broad consensus among policymakers and the public that such reforms are important to ultimately raise the euro area’s production potential, improve the flexibility of the economy and make the euro area more resilient to external shocks.