Over the short term, annual inflation rates may again increase somewhat, reflecting in particular renewed increases in energy prices and some base effects. Looking further ahead, indirect effects of past oil price rises on other components of the price index may gradually materialise, and already announced changes to administered prices and indirect taxes can be expected to have an upward impact on HICP inflation.
I could go on. But the simple point is that a multi-polar regulatory system is a reasonable approach to make banks safer and the system more stable. Multi-polar regulation is a “third way” between overly complex measures on the one hand and very simple measures on the other. Both alternatives have failed in the past.