First, we had insisted all along on the need for adequate funding for the Single Resolution  2  BIS central bankers’ speeches  Fund (SRF). We therefore welcome the fact that the SRF will be mutualised faster and that the pace of mutualisation will be significantly frontloaded.
First, inflation is historically low, perhaps at the bottom of the acceptable range, and has recently continued its decline. Second, rapid productivity growth has led to actual declines in nominal production costs, which reduce current and future inflationary pressures.