•  A greater degree of harmonisation of the national insolvency procedures for non-systemic banks is therefore necessary to strengthen the Banking Union and the single market. How, then, can we bring this about? And, most importantly, how should any new EU framework be shaped?
Monetary policy therefore does not normally react to temporary oil or food price developments. The fact that our mandate is geared towards the medium term allows us to look beyond such shortterm developments. So why did we deem it necessary to act? In the current situation, keeping a steady hand on the tiller would have endangered our mandate of maintaining price stability.