Since the inception of the euro the Governing Council has broadly fulfilled this mandate since the growth rate of the euro area harmonised index of consumer prices has been on average 2.07%. This clear objective, together with the ECB’s track record, has firmly anchored inflation expectations in the euro area.
In the event of a crisis for smaller banks, an orderly winding-up can only take place if a bank interested in acquiring assets and liabilities makes a rapid and systematic intervention. In the absence of a purchaser, however, there would be no alternatives to an ordinary or ‘atomistic’ winding-up.