Should there be any signs of inflationary risks over the medium term, the ECB is ready and determined to take appropriate action in good time. In summary of our assessment of the current situation, it is safe to assume that the cyclical recovery that is under way stands on sound foundations. The oil price-indiced increase in inflation is being monitored closely.
Although I am not going into detail since this might be a bit technical, the inflation rate based on the CPI that the Bank refers to tends to be higher than actual inflation. Given this, aiming at zero inflation in terms of the CPI means aiming at negative inflation, in effect.