Long way to go before the ECB commits to any firm inflation language

Recently, they have tried to push the 'symmetrical' narrative on their inflation outlook/mandate but then Lagarde tried to make some inroads to 'average' inflation targeting - similar to the Fed - earlier in the week here.

As much as the ECB wants to try to build a similar narrative as the Fed, let's be real. It'll be good work if they can help price pressures recover from the lows seen today, but to consistently overshoot 2% for a period of time? That's nothing but a pipe dream.

For some context, the last time core inflation in the euro area held above 2% for a slight period of time was all the way back in 2002-03 and it has never returned since.