The Bank expresses its idea of price stability in the form of the “understanding,” and each Policy Board member’s “understanding” falls in a positive range of 2 percent or lower, centering around 1 percent.
BIS Review 55/2006  3  The Committee of European Banking Supervisors (CEBS) The CEBS, as part of the Lamfalussy framework, is the institutional committee that brings together all the banking supervisors of the EU countries and the central banks, including the ECB, as observers.