Historically, relatively higher inflation has usually been associated with more volatile inflation.30 Moreover, the ECB and many other inflation‐targeting central banks have shown that other monetary policy tools are available when interest rates cannot be lowered further.
Against this background, the desirability of higher inflation targets becomes very controversial as economic theory could never specify with certainty the most desirable level within the range of low inflation values. Since the 90s most central banks defined 2% as the appropriate inflation objective, in some cases admitting temporary small deviations around that level.