For this reason, we still believe that further reductions in monetary stimulus will be necessary over time to return inflation to its 2 per cent target and to sustain output levels close to capacity.
Member States continue to display unprecedented solidarity towards each other, providing financing for programmes of economic adjustment along with the IMF. The establishment of a banking union, including a single supervisory mechanism involving the ECB and, the forthcoming proposal for a single resolution mechanism, are further examples of deeper integration.