But if it follows the course projected by the futures market, the price of oil should have a modest disinflationary effect on overall consumer prices in the next couple of years. 4  A part of the increase in the core crude PPI also reflects indirect effects of energy prices (direct effects of energy prices are excluded from core inflation measures by construction).
Likewise, I would warn against the suggestion that from a financial stability perspective, the number of supervisors should be consolidated. Here again, the principle of subsidiarity allows for the necessary checks and balances, which would be lost if we had one supervisory giant in Europe. Supervisory reforms in the Netherlands This brings me, as promised, to the supervisory arrangements in the Netherlands.