Enhancing and harmonising the regulatory and supervisory framework across Europe is a crucial step towards this goal. However, greater integration may imply greater risk of contagion, as financial systems, markets and institutions become more intimately entwined. Better regulation means achieving both a more integrated European financial sector, with deeper markets and more diversified institutions as well as a more robust financial system.
All in all, this set of decisions will provide the monetary accommodation necessary for inflation to remain on a sustained path towards levels that are below, but close to, 2% over the medium term, while also preserving favourable bank lending conditions and supporting a smooth 2/3  BIS central bankers' speeches  transmission of our monetary policy.