Meanwhile, the year-on-year rate of change in the consumer price index (CPI) for all items less fresh food has been slightly negative, due to the reversal of the previous year’s movements in durable consumer goods. As for the outlook, it is likely to remain slightly negative in the short run.
The SSM has been up and running for nearly a year and a half – and now is a good time to reflect on how it has fared so far. And I must say that our experience has been quite positive. But at the same time, it would be dishonest of me to say there weren’t any challenges still facing European supranational supervision.