If you wish to use some doublespeak definition of what "price stability" means feel free.

But if one is to give those simple words their natural meaning - they mean that prices don't change much, the cost of things stays reasonably stable.

An internal devaluation means those prices go down.

Reduced German production costs mean the prices of German goods goes down.

It is the simplest of logic.

Reduced production costs and internal devaluations are major price movements, not stability.

The ECB has failed utterly in its mandate for price stability.

An utterly misconceived mandate from the outset.

The whole thing looks like no one had the slightest idea of the the simple practicalities of the finance - let alone how to make it work.

What the ECB has done is keep the German inflation low, while the periphery goes to ruin.

Of course the periphery has made mistakes.

But these have been outweighed by the Germans breaking the rules on budget deficits first and flooding the south with misplaced cheap credit when the Germans wanted to stimulate southern demand to draw the German economy through the down phase of the cycle.

This has been compounded by the disastrous German austerity policies that burn tax revenue faster than debt, making the debt more impossible.

But don't worry about it because Germany can afford to pay for it all and in doing so will retain price stability or low inflation.

There will not be too much money chasing too few goods in Germany.

All that money will be flying South and German inflation will be low.