Reuters reports that ECB Governing Council member Olli Rehn said that the ECB should follow the U.S. Fed in putting more emphasis on welfare when it's setting policy, even if that would mean inflation exceeded its target temporarily.

Rehn argued that the new economic realities guiding the Fed also applied to Europe. Low unemployment no longer comes at the cost of rapid inflation, so central banks can afford to boost social inclusion.

"If this is the case, from the point of view of economic and social welfare, it makes sense to accept a certain period of overshooting while taking into account the history of undershooting," Rehn said.