Frances Coppola doubts whether the ECB are ‘committed’ to achieving the 2 percent inflation objective. I think they are. The ECB arrived at this definition themselves, recall. But I’d suggest that a significant minority of the GC worry about the risks to the long term integrity and independence of the ECB sufficiently to want to forgo policy actions like QE that would improve the chance of hitting the target in the short term. They would prefer to suffer several years of undershooting the target for the EZ average. Although a slight non-sequitur in this debate, it’s worth stating that however committed the ECB GC might be to its target, its perfectly possible to find itself in a liquidity trap, and be unable to escape it because of the unhelpfully auster fiscal policy of EZ governments in aggregate.