In my view, the main problems of the framework are the double-key formulation of the price stability objective and a monetary policy framework that cannot deliver inflation expectations anchored to the inflation aim.
As we are still in the middle of the debate in the Governing Council – and it is indeed a very good and worthy debate – let me give you just my personal take on the matter. First, in my view the ECB needs a clear and single definition of price stability and the inflation target.