In particular, the future Single Supervisory Mechanism and a Single Resolution Mechanism are crucial elements for moving towards re-integrating the banking system and therefore require swift implementation. To sum up, the economic analysis indicates that price developments should remain in line with price stability over the medium term. A cross-check with the signals from the monetary analysis confirms this picture.
With regard to other economic policies, the Governing Council notes the initiatives taken by the European Council of 27–28 June 2013 in the areas of youth unemployment, investment and financing of small and medium-sized enterprises, as well as the European Council’s endorsement of the country-specific recommendations of the 2013 European semester.