Moreover, the Governing Council’s credibility would undoubtedly take a major knock if it were to redefine its objective now of all times. It would probably be like what happened when the deficit rules were relaxed in 2005 after several large countries had trouble complying with them. That put paid to the credibility of the Stability Pact once and for all.
When the time is right for the Eurosystem to exit the ultra-loose monetary policy, then that is precisely what it should do, undeterred by cries from finance ministers or financial markets.