Unlike the ECB he sees no special role for money supply. Whereas the ECB follows money growth closely, Mr. Bernanke does not believe in the usefulness of such an intermediate target. On the other hand, he sees that a very good progress has been done on inflation targeting discussion and he is a great believer of that procedure to gear monetary policy. On the much debated measurement of inflation, according to the Fed’s president, energy gains haven not induced persistent inflation. He stated that : "Increases in energy prices affect overall inflation in the short run because energy products such as gasoline are part of the consumer's basket, and because energy costs loom large in the production of some goods and services". But according to Bernanke, expectations still remain `imperfectly anchored', whatever that means, and sees no long term danger. As energy prices climb across the US, the Federal Reserve is facing mounting criticism for targeting exclusively core" inflation (which excludes both these items), as the basis for its interest-rate decisions. As Greg Ip stated in the WSJ many people wonder whether Fed officials eat or drive.