Experience suggests that such an impact does exist, but it is very, very long term. It develops over decades rather than years. Let’s turn again to the core of monetary policy – the inflation aim. For a number of months now, the ECB has been speaking of symmetry in its aim.
At the same time, though, it is maintaining that inflation should remain below, but close to, 2%. How does that fit together? First and foremost, it means that we combat deviations above that aim and below that aim with the same determination.