So a central bank should not expose itself every month to pressure to take action, but orient itself towards the projected rate of inflation over a two to three-year horizon and of course inflation expectations. At the same time, however, price stability should not be postponed ad infinitum.
And we should certainly address upward and downward deviations in the rate of inflation from the desired target. After all, the risks of the rate of inflation being too low over a long  2  BIS central bankers’ speeches  period are not to be underestimated.