What is the underlying meaning of 'short term', 'medium term' and 'long term'? I see one question in my text book as follows: Question: The statement said: "With inflation likely to remain above target for some while, it was judged necessary to bring consumer prices inflation back to target 'in the medium term'. 'In the medium term' means: 1/ over the next few months 2/ over the next few years As far as I know, according to the international practices, short-term loan, defined as loans having the maximum loan term of 01 (one) year; medium-term loan, defined as loans having the loan term between above 01 (one) year and 05 (five) years at the maximum; long-term loan, defined as loans having the loan term of more than 05 (five) years. Therefore, I bear in mind as follows: Short term <1 year (or =1) ; medium term 1<x<5 (or =5); long term >5. I chose 2. But the correct answer in the answer key is 1. I wonder is there any standard criteria for the 'in the medium term' phrase and why? Could anyone help me to clarify? Thank you so much for your wise advice. Nice day.