In the context of its stability-oriented monetary policy strategy, the Governing Council of the ECB defined price stability as “a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%”. According to this definition, price stability “is to be maintained over the medium term”.
It is not by accident that Michael Woodford’s textbook – which became sort of a standard work in modern monetary theory – carries the title “Interest and Prices” - the English translation of the title of Wicksell’s book ’Geldzins und Güterpreise’.