The European Central Bank (ECB) is planning to review its inflation target following years of criticism for being too strict on its monetary policy. The ECB, which currently aims to keep annual rates of inflation below 2pc recently announced it will review its two-pillar interest rate strategy during the first half of next year. But the forthcoming review will also encompass the bank's definition of price stability - the 2pc inflation target, vice president Lucas Papademos said in an interview in the Wall Street Journal. Commenting on the review of its 2.0pc price target, Papademos told the Journal that the assessment "need not imply a change". He said the ECB has an "open mind" and that the decision to assess policy did not mean the central bank had any doubts about the strategy and goals it has pursued so far. The bank has won some support in recent weeks for its changed stance in relation to inflation and interest rates after it cut rates by 0.50pc earlier this month. Prior to the rates announcement, the ECB said a cut would give the eurozone a "psychological boost," which analysts noted was very unusual language for the bank to use. //www.fxcentre.com