ECB's Lane says they have a clear orientation for monetary policy conduct. On inflation "...a sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin."

"In summary, this discussion has emphasised that the appropriate monetary policy response to an inflation deviation from the target is context specific and requires a careful analysis of a broad set of considerations. Of course, the capacity to consider “looking through” some types of inflation deviations depends on a strong institutional commitment to delivering the symmetric inflation target over the medium term, underpinning firmly-anchored medium-term inflation expectations."
"...a material deviation of inflation from the target calls for a monetary policy response" and "...the appropriate monetary policy is also non-linear, with an incremental adjustment to mid-sized deviations but a more forceful or persistent adjustment to large deviations."
On inflation, "...a sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin." on the same topic "It is straightforward that small inflation deviations that are not expected to persist do not call for a monetary policy response"

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