"While the target set for 2004 was the same as this year, it enables us to maintain the descending path of inflation and is consistent with monetary policy that supports a recovery of the economy," said the bank's managing director, Miguel Urrutia.
He said the central bank would not go "far wrong if we maintain a consistent, vigilant, noninflationary monetary policy".
Benoît Cœuré, a French economist who sits on the ECB's executive board, pointed to the latest economic evidence, and called for "forceful and consistent action" from monetary policy, along with measures to boost infrastructure spending and restructure markets to make them more competitive.
Gradual reforms and consistent monetary and fiscal policy stances have also sustained macroeconomic stability..
However, Richard Fisher, president of the Dallas Federal Reserve and a consistent hawk on monetary policy, told Reuters in an interview that the real problem with the economy, and the stubbornly high jobless rate, was Congress's lack of action on fiscal policy.
The minutes said the RBA board "judged that the current stance of monetary policy was consistent with sustainable growth in the Australian economy and achieving the inflation target over time".
But since 2014 she has served on the Federal Reserve Board of Governors, where she has been a consistent voice for sanity on monetary policy, calling to keep interest rates low to spur economic growth.
This approach is consistent with Milton Friedman's vision of monetary policy, would impose a monetary policy rule, and provide a solid long-run nominal anchor.
"Most FOMC participants, based on their projections prepared for the June meeting, anticipate that values for the federal funds rate of less than 1% at the end of this year and less than 2% at the end of next year will be consistent with their assessment of appropriate monetary policy," she said.
As the IMF said in its most recent report, "[IMF] Directors agreed that the current highly accommodative stance of monetary policy is appropriate, consistent with the Federal Reserve's objectives of maximum employment and price stability".
