And here, we see very diverse rules across Europe. In some countries, for instance, the supervisor assesses not only appointments of members of management bodies, but also appointments of “key function holders”. As regards the fit and proper assessment itself, there are further differences: some national authorities make use of questionnaires to be answered by the candidates, others do not.
Second, in the long-term, market expectations about future monetary policy rates are being very much influenced by the difficulty in normalising inflation and by the pessimistic views about the long run growth prospects of the advanced economies which I will address later.