Noting, in passing, that the ECB has an explicit target of 2% inflation and no other explicit remit. No one is accepting this 3-7% target anywhere "serious" Brussels-consensus types congregate, and ECB monetary policy reflects that anti-growth (well, anti-growth with exception of German export growth) consensus.

ECB: Definition of price stability

Quantitative definition While the Treaty clearly establishes the primary objective of the ECB, it does not give a precise definition of what is meant by price stability.

The ECB's Governing Council has announced a quantitative definition of price stability:

• "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%."

The Governing Council has also clarified that, in the pursuit of price stability, it aims to maintain inflation rates below, but close to, 2% over the medium term.

Also look at the Educational section of the ECB's website: Inflation and the euro

Have you seen the inflation monster?
Watch our cartoon on price stability