In a speech on 'Inflation differentials in EMU: causes and implications' given on 13 September Hermann Remsperger of the Deutsche Bundesbank said the ECB's Governing Council, in its recent clarification of its monetary policy strategy, spelled out its stability policy objective in terms of a medium-term euro-area inflation rate of "just under 2%". Given the current inflation differentials, that definition, in his view, Remsperger said provides an adequately large safety margin against deflation