Is the Bank of England Inflation Targeting the way to reform the ECB monetary policy?

According to blue-prints of Bank of England and European System of Central Banks (ECB), a major difference of monetary policy between the two central banks lies in their inflation policy. While the Bank of England is committed to a clear-cut inflation targeting, the latter has adopted a milder "two pillar strategy" , which includes a somewhat inflation threshold (below 2 per cent), and quantitative monetary target (M3). In the wake of continuing economic slowdown in the Euro area, some critics of the ECB have loudly asked the ECB should adopt the Bank's of England inflation targeting in view to deal with the lack of transparency and accountability which are believed to have endangered its monetary policy. An unbiased comparison of the two banks monetary policy can offer a better assessment of the operation of the banks anti-inflationary record. After a comprehensive review of two central banks blueprints (Chapter 1 and chapter 2), the thesis points out the major shortcomings of both the strategies (Chapter 3) and finally inquires as whether the ECB should drop its two pillar framework for the inflation targeting strategy (Conclusion).