The fact that in some economies inflation has been somewhat lower than the euro area average for some time should not be seen as a disadvantage. It supports the purchasing power of consumers, and it is a reflection of the increasing cost competitiveness of the production of these economies. The success of German exports offers a good illustration of that phenomenon.
A restraining effect via market discipline is rather unlikely in this case. Therefore, transparency and market discipline can sustain financial stability but they should not replace market regulation. In addition, market regulation itself is necessary for enhancing transparency. Self-regulation – In general, there are two possible paths that can be followed with regard to market regulation.