Well, yes. Pretending that the central bank could reach its inflation target plays into that narrative.

On the other hand this diary undermines the standing of ECB through pointing out their failure to reach their target, and undermines inflation fears.

My main problem with ECB is not its interest rates politics (even though the whole NAIRU thing is one big problem), but how it through blackmail has seized power in the Troika countries and is running them into the ground.

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