First, I want to emphasize that forecasting is hard for everyone, especially in a pandemic. In terms of missing on inflation, policymakers’ projections looked very much like most of the public’s.
You can’t have liked that. We have taken some enormous steps forward with the European resolution authority and our banking supervision. But we haven’t yet reached our goal. For instance, European banking supervision is still lacking some tried and tested tools to be able to act more quickly and effectively.