BIS central bankers’ speeches  1  According to Eurostat’s flash estimate, euro area annual HICP inflation was 0.8% in December 2013, compared with 0.9% in November. This outcome was broadly as expected and reflected lower services price inflation. On the basis of prevailing futures prices for energy, annual inflation rates are expected to remain at around current levels in the coming months.
Having said that, integrated financial markets arguably broaden the scope for spillover effects across borders – as manifested by the recent US subprime crisis. Third, I have already stated that the Eurosystem’s tasks include the smooth operation of payment and settlement systems – which is closely linked to the progress of financial integration.