But these improvements are more than a simple matter of disclosure. They are an invitation to participate, and a way to provide the public with the means and opportunity to inform our work. This year, we are taking similar steps to improve a cornerstone of our post-crisis rules. Supervisory stress tests offer an independent and valuable lens on the health of the banking system.
Since the beginning of the year headline inflation has gradually picked up, moving from the negative rate of –0.2 in February to 0.5 in October. Our monetary policy measures since June 2014 have been a key factor behind these positive developments. Asset purchases, targeted longer-term refinancing operations (TLTROs) and low policy rates have strongly supported the recovery. Let me explain more in detail.