- It would be counterproductive to seek to respond to near-term deviations that are solidly expected to be transitory
- A sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin
This is what ECB members have been repeating over and over again. The "sufficiently large and persistent" deviation I guess would be more than 0.5% above or below target for them, but they would need to take into account the context too.
