It requires greater precision - in particular since central bank communication has taken on a more prominent role. In fact, we have established four criteria to assess whether there is a sustained adjustment in the path of inflation consistent with our definition of price stability. First, headline inflation has to converge to levels below, but close to 2 % over a mediumterm horizon.
The single market is a key element of a united Europe, and we also need a single European market for banks. This involves harmonising the rules for banks – wherever it makes sense.