On the other hand, the ESRB must be in a position to acquire the micro-prudential information necessary for analysis of the risks, with a special focus on large banks. The exchange of information between the European Supervisory Authorities and the ESRB should be governed by a protocol of cooperation, so as to ensure observance of the rules on the confidentiality of supervisory data.
Based on the findings, a new policy framework of QQE with Yield Curve Control was introduced. Owing to large-scale monetary easing, developments in economic activity and prices have improved and the economy is no longer in deflation. However, the price stability target of 2 percent has not yet been achieved.