Policy efforts both at the national and the European level need to be sustained. We also exchanged views on the need for  BIS central bankers’ speeches  1  regional financial safety nets when regional financial integration is high.
First, underlying inflation pressures still give scant indications of a convincing upward trend as domestic cost pressures, notably wage growth, remain subdued. And, second, the economic recovery and the outlook for price stability remain conditional on the very substantial degree of monetary accommodation, including our forward guidance.