“ While theory does not provide a precise definition of price stability and while measurement problems exist, there has been a broad consensus among central banks for several years that a range of 0%-2% inflation per annum would be appropriate” (EMI). BIS Review 2/1998  -4-  To this extent, therefore, the theoretical insights and empirical lessons are adequately reflected in the Statute.
Does that mean that the credibility problem has automatically been solved? Many politicians - but also quite a few economists - think so. In Germany, for instance, commentators incessantly point out that the ECB Statute, especially as regards its constitutional status, is even more rigorous than the Bundesbank Act.