The monetary policy decisions of the ECB have not responded mechanistically in the past, and will not do so in the future, to deviations of staff's inflation projections from any numerical target. The Governing Council, moreover, does not take any responsibility for the staff's projections which, as with forecasts produced by other institutions, are regarded as just one of the inputs into its deliberations.
Given the uncertainty and different views about the appropriate model of the economy, it would not be productive for the Governing Council to produce its own single projection. The Governing Council instead focuses directly on setting policy rates, taking into account all information, and the uncertainty surrounding this information, in such a way that price stability can best be maintained over the medium term.