ECB Agrees on New Inflation Goal of 2%, Will Allow Overshoot By Bloomberg

© Bloomberg. Christine Lagarde Photographer: Alex Kraus/Bloomberg

(Bloomberg) — European Central Bank policy makers have agreed to raise their inflation goal to 2% and allow room to overshoot it when needed, according to officials familiar with the matter.

The agreement emerged at a special meeting to conclude the ECB’s strategy review this week, which finished Wednesday. An ECB spokesman declined to comment.

A goal of 2% would be a significant change to the previous target of “below, but close to, 2% over the medium term.” Some policy makers felt that phrasing was too vague and led to calls for tighter policy too soon.

The results of the review will be published at 1 p.m. Frankfurt time on Thursday, and President Christine Lagarde will hold a press conference 90 minutes later.

©2021 Bloomberg L.P.

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