The May 2003 clarification: “HICP inflation below but close to 2%” At the same time, we felt the need to convey even more clearly to the public that the Governing Council does not view all positive inflation rates of below 2% as equally desirable.
On 8 May 2003 we made it clear that, in order to fulfil its price stability objective, the Governing Council aims to maintain HICP inflation below but close to 2% over the medium term. This was fully in line with our past practice and with medium-term market expectations. Thus, the announcement did not change inflation expectations.