To the extent that this is the case, short-term volatility in annual inflation rates, including negative inflation rates, is not relevant from the medium-term perspective of monetary policy. We expect that price stability is maintained at the medium-term.
Moreover, available information  BIS Review 28/2009  3  indicates that medium-term inflation expectations in the euro area are solidly anchored at levels consistent with the aim of the Governing Council of keeping inflation at rate of below, but close to, 2% over the medium term.