Should a gradual improvement of the inflation outlook not materialise, despite the comprehensive decisions taken in June and contrary to our expectations, the Governing Council was unanimous in voicing its intent to also use unconventional measures within the scope of its mandate to effectively counter the risks of too long a period of low inflation.
Today, I want to focus on a very important – but frequently neglected – aspect of our balancing act: that between setting robust standards for global banks, on the one hand, and allowing different business models of the many small and medium-sized banks in Europe to co-exist, on the other. We are not quite there yet.