The Governing Council of the ECB has to focus on the maintenance of price stability in the medium term, as only this perspective takes account of the time lags for monetary policy to work its way through the economy.
In other words, one may conclude from this chart that there is no longer a need for policymakers to resort to forward guidance as a means to provide the monetary stimulus that would be consistent with simple benchmark prescriptions. Of course, central banks do not follow simple policy rules in practice.