The paper argues that mere standardisability cannot be a sufficient condition for central clearing and other factors such as availability of prices, depth of market liquidity and whether the product contains inherent risk attributes that cannot be mitigated by the CCP need to be considered by regulators. 22.
Looking ahead, underlying inflation is expected to pick up towards the end of the year and then increase gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion and rising wage growth. The latest ECB staff projections foresee annual euro area headline inflation at 1.7% in 2018, 2019 and 2020.