The problem might turn out to be a different one. The absence of a crisis resolution framework does not prevent effective solutions from being found and implemented. But since these solutions are different from country to country, they may lead to problems of discrimination and difference of treatment, undermining the functioning of the single market.
As I have argued in New York, in my view this can be largely ascribed to increased persistence of the inflation process and a declining trend in some of the underlying components of inflation. Not so much to a lack of accommodative financial conditions to which all of our instruments continue to contribute.