In its meeting in July 25, the ECB Governing Council communicated the need for a highly accommodative monetary policy stance for a prolonged period, as inflation rates, both realised and projected, have been persistently below levels that are in line with our aim.2 If the medium-term inflation outlook continues to fall short of our aim, the Governing Council is determined to act, in line with its commitment to symmetry in the inflation aim.
BIS Review 12/2005  3  In the future pension funds and insurance companies could become more integrated as individuals seek to supplement their pensions, following on the new Pensions Act. Within the CSME cross-border capital flows are likely to increase and a greater convergence of the financial system is likely to occur.