The debate is further complicated by the fact that the competencies transferred to the European level differ across sectors and activities (for example, more competencies are transferred for regulation than for supervision, except in the case of the banking industry where the application of the Single Supervisory Mechanism to the euro area alone has created a further difficulty).
If medium- to long-term inflation expectations rise as a result of such efforts, it could become appropriate to set the target for the level of inflation at 2 percent, although I think that this will require considerable time.