In concrete terms, the ECB is measuring its policy’s success today according to the expected inflation rate in 2020-2025. This figure, calculated from the prices of different types of indexed and non-indexed five- and ten-year bonds, is based on the somewhat heroic assumption that all of the markets for these bonds work efficiently.
从具体情况看，欧洲央行根据2020—2025年的预期通胀率衡量今天政策的成功。这一指标——从不同类型的指数和非指数五年期和十年期债券的价格算得——基于一个过于大胆的假设，即所有这些债券的市场都有效运行。