Economic policy is normally used for a prescribed goal, such as reducing long-term unemployment.
The political debate then revolves around what are the best instruments to achieve that objective. For cutting joblessness, for instance, shorter working times for everyone, a lower minimum wage or measures to increase qualifications might be suitable.
If, on the other hand, you look at economic policy of the European Central Bank, the path itself appears to be the goal — namely, negative interest rates and massive bond buying.
The ECB economists are well aware that consumer price inflation is influenced to a large degree by oil prices. Even if low oil prices persist, inflation will likely increase in the euro zone from the current 0.4 percent rate to about 1.2 percent early next year.