A mere qualitative supervisory approach, in particular when it is solely based on the “individuality of the bank” might be prone to misuse, and justify generally lower rather than higher supervisory requirements. BIS central bankers’ speeches  3  Let me conclude. I think that the combination of quantitative and qualitative supervisory elements has passed its first test in the SREP 2015.
Elevated inflation will remain with us for some time, declining to just above target only at the end of our projection horizon. We expect that moderating energy costs, the easing of supply disruptions related to the pandemic and the normalisation of monetary policy will be conducive to inflation returning to our 2% target over the medium term.