Cross-checking the outcome of the economic analysis with that of the monetary analysis confirms the assessment of low inflationary pressure over the medium term, as money and credit growth continues to slow down. All in all, we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households.
At its summit in Pittsburgh in October 2009, the G-20 leaders called for the development of “resolution tools and frameworks for the effective resolution of financial groups to help mitigate the disruption of financial institution failures and reduce moral hazard in the future.” Last year, the G-20 leaders endorsed an international standard – the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions – that lays down what resolution regimes need to look like in different jurisdictions around the world without severe systemic disruption and without exposing tax payers to loss.