Excluding volatile energy and food prices, core inflation for these two indexes also stepped down from the rapid increases of earlier this year, but it is still too early to say that inflation is moving meaningfully and persistently downward. Inflation is still widespread.
How do you react to the criticism that supervision has become too strong – and is partly why European banks are so weak compared with their US peers. Do you think that’s true? The profitable US banks are in any case leaving European banks further behind. I find that idea quite amusing.