Households do not seem to really believe that the ECB will be able to bring inflation back to its target of 2% in the medium term, economists at Commerzbank say.
Even though the ECB's communication has improved in recent years, this does not appear to have increased public trust in the central bank.
The ECB is still experiencing a crisis of trust, which may impair the effectiveness of its monetary policy.
The citizens of the Euro countries do not expect a return to the 2% target in the medium term and are acting in line with their expectations.