The Governing Council sees both upside and downside risks to the outlook for price developments as limited and broadly balanced over the medium term. In this context, the possible repercussions of both geopolitical risks and exchange rate developments will be monitored closely. Turning to the monetary analysis, data for March 2014 continue to point to subdued underlying growth in broad money (M3).
Recently, U.S. regulators have issued a proposed rulemaking that seeks to raise the Basel III supplementary leverage ratio requirement to 5 percent for the largest U.S. bank holding companies, and to 6 percent for their affiliated depository institutions.