First, having our inflation goal endorsed by the Eurogroup would require the ECB and the Eurogroup to reach a consensus in this regard, which would not be compatible with our independence in the pursuit of our mandate to maintain price stability. Second, the proposal to switch to a full inflation targeting framework disregards what are by now the well-known short-comings of this approach.
It is not because we downplay the importance of growth and employment - we certainly do not, and in any case our Act makes it clear that to do so would be contrary to our mandate. We approach monetary policy in this order because there is overwhelming evidence to suggest that countries can only have sustained expansions if they are accompanied by low inflation.