Developments in the inflation outlook The key question then becomes how quickly stronger demand will translate into rising prices. Both the ECB staff projections and those of other international institutions suggest that inflation is moving in the right direction, over the medium-term horizon that is relevant for monetary policy.
Despite the SSM process there are still too many national options and discretions that do not contribute to a complete and unified banking market. We need harmonisation to continue in order to complete the banking union project. 2/2  BIS central bankers' speeches