At this point of the cycle, these considerations feature prominently in the discussions of the Governing Council members. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate.
We are also instituting a more closely coordinated system for supervising some of the largest holding companies that will, in effect, establish a cross-firm, horizontal perspective as an ongoing organizing supervisory principle. This new approach will have a macroprudential dimension as well. To advance both macroprudential and microprudential goals, we are instituting a quantitative surveillance mechanism (QSM) for large, complex financial organizations.