Since 1950, the U.S. economy has experienced periods of low, stable inflation and periods of very low unemployment, but never both for such  1  I am referring to the most recent forecast for year-end 2018 through 2020. The unemployment rate for each forecast bottoms out at 3.4 percent or 3.5 percent in 2019 and remains below 4 percent.
The Deutsche Bundesbank is not against an integrated supervision with banking, securities and insurance supervision under one roof. However, it must be able to continue making a contribution to systemic stability within the European System of Central Banks. The Bundesbank’s “invisible assets” such as experience and knowledge of the big internationally operating institutions are indispensable for the evaluation of systemic risks.