3. Preparations for the changeover  The ECB values the fruitful cooperation that has developed with Národná banka Slovenska over the last couple of years. The Governor of the National Bank of Slovakia has been a member of the General Council of the ECB since May 2004 and an observer at the meetings of the Governing Council of the ECB since mid-July 2008.
In the first year, Japan’s economy improved impressively, registering both rising growth and inflation. Real GDP growth in fiscal 2013 exceeded 2 percent and annual CPI inflation (consumer price index, all items less fresh food) increased from minus 0.5 percent just before the introduction of QQE to 1.5 percent in April 2014 (Chart 1).