Inflation is basically back to target in Europe. I can hear the jeers and protests now. I didn't say there weren't caveats. There are. Not least of which is that the headline rate may well re-accelerate on base effects and math tied to fiscal measures that dampened the impact of last year's energy crunch. But when it comes to inflation news in the developed world, policymakers will take whatever wins they can get. And the preliminary read on headline euro-area inflation for November was 2.4%.