Kieler, Mads - International Monetary Fund (IMF) - 2003
, and excessively stringent. This paper attempts a comprehensive evaluation of the trade-offs for the euro area and finds …The ECB's objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric …-term inflation has encumbered the communication of monetary policy; and (3) a target toward the upper end of the ECB's price …