It also involves obtaining an overview of whether on-site inspections and discussions are also taking place at these institutions; of whether the level of supervision is tailored to the risk profile of the individual bank; and of whether the national supervisors take macroeconomic developments into account when conducting their risk analyses.
Since mid-2014, our monetary policy stance has been determined by the combination of three instruments: first, low policy interest 1/7  BIS central bankers' speeches  rates; second, asset purchases in financial markets and targeted long-term refinancing operations for banks; reinforced by, third, forward guidance on both.