Whether it is symmetric or not is a different question – while it’s not a minor question, it’s not the most important one either. The third element we are perhaps overlooking is the reaction function: how powerful our instruments are in their ability to push up inflation. I think that’s the real point.
We have not entered into discussion over whether the target should be modified. It will be discussed by the Governing Council and perhaps with a new president it will be different. But for me the kind of monetary policy decisions you take and the tools you have to achieve the target are much more important.