For me, keeping the downward gap to the benchmark within limits is therefore part of the price stability mandate in order to firmly anchor inflation expectations and reduce the risks of deflation. Despite this more quantitative definition of price stability, monetary policy is not a mechanistic process.
The decisions as to what monetary policy measure to take and whether it is the right one depend on the causes of the very weak price developments. For example, is sluggish lending weakening demand? Do the weak price developments reflect necessary adjustment processes in the crisis countries? Or are fluctuating oil and food prices driving the sharp fall in the rate of inflation?