Objectives:

               The aim of this paper is to answer the following questions:

1)     What is the actual influence of inflation on real economic processes ?

2)     Does maintaining by ECB inflation target on low level (about 2 percent) really promotes economic growth in Eurozone countries ?

3)     Should ECB resign of rigid inflation controlling in favour of more flexible monetary policy, taking into account price specificity of Eurozone member countries; expecially observed there historical interrelationships between inflation and economic growth?

4)     Can we treat the Non- Decelerating Economic Growth Rate of Inflation (NDEGRI) as a reliable indicator of the ECB monetary policy quality?

Data/Methods

               Critical analyzes of ECB monetary policy, expecially policy focused on inflation control. Statistical analyzes of inflation and economic growth processes in Eurozone countries, based on Eurostat, OECD and national data.

Expected results

               Analyses should contribute to better understanding relations between

inflation and  economic growth in Eurozone countries. It should prove, that thesis as if each level of inflation, higher then official ECB target, were dangerous for economy, is false. Tipical for each country is probably different level of inflation, which can co-exist with higher level of economic growth. Instead of adhering to arbitrary established inflation target, ECB should focus in its policy rather on Non- Decelerating Economic Growth Rate of Inflation (NDEGRI) concept, more friendly for economic growth needs.