Broadly speaking, the Review focused on three questions, which I could sum up as Gaps, Governance and Hubs. On Gaps, the question is, are there potential innovations that would be in the public interest that are not happening because of coordination failures? Responses to the consultation suggested that there might be.
Chart 5 Headline inflation and components in the euro area and the United States (annual percentage changes and percentage point contributions)  Sources: Eurostat, US Bureau of Labor Statistics and ECB calculations. Note: The latest observations are for February 2023.