The BSP subsequently delivered timely and decisive action by raising the key policy rates by a total of 100 basis points between May and August 2018 while also strengthening its anti-inflation commentary.
Fourth, significant steps have been taken to improve economic policy coordination. These measures included the strengthening of the Stability and Growth Pact, the establishment of the European Semester, stronger emphasis on macroeconomic imbalances and the Fiscal compact. Last but not least, crucial steps have been agreed to move towards the creation of a Banking Union.