People, goods, services and capital can move freely and quickly in the second strongest economic area of the world. The banking union with its single supervisory mechanism and harmonised regulation has further strengthened trust in the European financial system. And the emerging capital markets union is moving European financial integration further forward. Competition among financial centres remains lively, however.
[Headline inflation slowing] from 8.7 percent in January to 8.6 percent this month [February] is a big thing because the m-o-m [change] is zero. What was really shocking was the January [m-o-m inflation] numbers-1.7 percent in just one month. Facing supply pressures of domestic and international origins  1/4  BIS - Central bankers' speeches  The causes of supply shocks are varied.