The European Central Bank, which is about to mark its 10th anniversary, has failed to hit its inflation target of less than 2% in each of the past eight years. Critics say the problem may be with the goal itself. "The ECB's keeping up a fiction," said Joachim Fels, co-chief economist at Morgan Stanley in London. "The trade-off between growth and inflation has really changed. They should be as open as possible by adjusting the target."
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