ECB policymakers have agreed to raise the inflation target to 2 per cent and leave room to exceed it if necessary, according to people familiar with the matter.
The decision comes from a special meeting of the European Central Bank, which ended on Wednesday. An ECB spokesman declined to comment.
The 2% target would be a major change from the previous "slightly less than 2%" target. Some policy makers believe that the original goal statement is too vague, leading to too early calls for tightening policy.
The ECB said in an email that the official results would be announced at 1pm Frankfurt time on Thursday and that President Christine Lagarde would hold a press conference in 90 minutes.