Concluding Remarks I will close by noting the lesson learned from the 4-year experience since the introduction of QQE. Once long-term inflation expectations decline, it is not easy to raise them, even through the large-scale unconventional monetary policy.
Most important is that a single supervision and bankruptcy law be established in all member states. Even then the question would remain as to whether a supervisory system which de facto is in two parts is consistent with the idea of the single market and the goal of a level playing field.