This new situation would entail implicit stress tests for the banking system via the European Banking Authority (EBA), close monitoring of macroeconomic imbalances and regular missions by the Commission, in cooperation with the ECB.
This is very close to the objectives of most participating national central banks before the start of Stage Three of Economic and Monetary Union (EMU). The Banque de France, for example, in 1998 had defined price stability as consumer price inflation "not exceeding 2%". The Governing Council also emphasised that price stability has to be maintained over the medium term.