ECB policymakers held "heated discussions" last week about changing the bank's inflation target as part of a broader strategy review

"Is our monetary policy target - (inflation of) just under 2% - where it should be? Should it be less, should it be more? Should it be symmetrical? Should it be asymmetrical? ... We had heated discussions about that last week in the (Governing) Council," Holzmann told.

Holzmann has said he prefers an inflation target of 1.5%, a point he repeated on Wednesday, arguing against colleagues who he said believe it is acceptable to keep the existing target while being happy with 1.5%.