It is noteworthy that if inflation expectations are well anchored, and are not affected by transient shocks to actual inflation, there is no need to manipulate monetary policy frameworks: there is no need to increase the inflation target as a means of resisting deflationary risks in times of macroeconomic distress.4 Opportunistic manipulations of the monetary policy framework of course damage the foundations on which that framework rests.
So, being able to rely on the stabilising effect of inflation expectations is clearly a preferable option. Let me now turn to the elements of the consensus that are, from the perspective of the ECB, somewhat more controversial. Firstly, the crisis has demonstrated that a monetary policy aimed at fine-tuning short-term objectives carries serious risks.