Finally, central banks have spent decades building up their credibility and it seems unlikely that they would be willing to compromise this achievement. Even if they were, inflation expectations and nominal interest rates would rapidly adjust as market participants become aware of a changed inflation environment.
Markets do not function only on the basis of public regulation, but they also need rules devised by the market players themselves. Markets should not however remain segmented because of different national practices or the lack of product standardisation. The private sector should therefore establish such rules at the European level, possibly with the support of public authorities.