Core 2/6  BIS central bankers' speeches  inflation in the euro area, which strips out energy and food, is therefore likely to rise from 1.1% this year to 1.8% in 2020. And the headline inflation rate will probably persist at a level of 1.7% this year as well as in the next two years.
This kind of structural change reflects shifting tastes, the opening of new markets, the advent of new competitors and the introduction of new technologies and so on, which periodically disrupt established patterns of production, distribution and consumption. What’s monetary policy’s job in the face of such changes?