I therefore do not think that the current policy framework should be reviewed in an automatic fashion simply because two years have passed since the introduction. In my understanding, the price stability target is a flexible concept with a certain range for upward and downward deviations of the actual inflation rate from the target under the framework of forecast targeting.
The ECB, which had accepted relatively broad ranges of collateral since the start of the euro, did not need to adjust their collateral framework. Indeed, owing to its acceptance of a broad range of collateral as well as the large number of eligible counterparties, the Eurosystem’s collateral framework has been well equipped to support the implementation of monetary policy during the ongoing market turbulence.