It’s not something that can be decided in one or two Governing Council meetings. Will it be an extensive undertaking like it was last time, back in 2002–03? We will certainly be gathering a great deal of information and input. Just look at what the Federal Reserve is doing. It started reviewing its strategy six months ago and won’t be finished until early 2020.
In our case, I’m sure there will be different views about certain aspects, but I hope that we will be able to agree on a common position in the end. Will there be greater clarity in the future about what the medium-term inflation aim of “below, but close to, 2%” means?