If there is no doubt that the authorities are committed to the inflation target and will in the end prevail, economic agents are likely to set their prices and wages at levels readily reconcilable with the inflation target, and are likely to view deviations from the target as temporary.
The fact that I am back here after such a short period of time reflects the central role that the European Parliament plays in holding the ECB accountable for its supervisory tasks. It also demonstrates that the Banking Union project is rapidly moving forward. The Governing Council has proposed that I become Vice-Chair of the Supervisory Board of the single supervisory mechanism (SSM).