In the euro area, consumers’ medium-term inflation expectations were firmly anchored at our 2% target throughout the pandemic. According to the most recent data, median expectations are close to 3%, while average expectations have increased from 3% a year ago to almost 5% today. [25] Average long-term inflation expectations of professional forecasters, too, have started to gradually move away from our 2% target.
Conclusion In summary, there are three points I would like to highlight. First, the supervisory environment for banks has become even more European since our 4/5  BIS central bankers' speeches  last Financial Stability Review, and for good reason. The establishment of the Single Resolution Mechanism at the beginning of this year marks another major milestone.