Financial market regulation remains on the agenda, as do further structural reforms in the peripheral countries. In Germany, politicians should be careful not to jeopardise the achievements of the reform policies. The good state of the German economy can be attributed, in good part, to the structural reforms of the past decade.
V.  Conduct of monetary policy  Lastly, let me touch on the recent conduct of monetary policy. 6  BIS central bankers’ speeches  It has been almost a year since the Bank introduced quantitative and qualitative monetary easing (QQE) last April. Economic activity and prices have been broadly in line with the baseline scenario presented in the Outlook Reports and interim assessments.