13  Page 14 sur 14  i  Villeroy de Galhau, F., Monetary policy post-pandemic : balancing between science and art, predictability and reactivity, speech, Jackson Hole Economic Symposium, 27 August 2022 ii Svensson, L. (1997), Inflation forecast targeting: Implementing and monitoring inflation targets European Economic Review, pp 1111-1146. iii Measures of underlying inflation for the euro area, issued as part of the ECB Economic Bulletin 4/2018 iv A possible new indicator to measure core inflation in the euro area, Banque de France Bulletin, 240/1, 2022 v Gopinath, G., How will the pandemic and war shape future monetary policy? Prepared for the Jackson Hole Symposium vi Rey, H., Dilemma not trilemma: the global financial cycle and monetary policy independence, paper presented at the 25th Jackson Hole symposium, 2013 vii Obstfeld, M., Uncoordinated monetary policies risk a historic global slowdown, blog, September 2022. viii Villeroy de Galhau, F., Monetary policy in the present environment: reconciling clarity and flexibility, as well as independence and cooperation, speech in G30, 15 October 2018 ix Powell, J.H., Monetary policy in the post-crisis era at "Bretton Woods: 75 Years Later - Thinking about the Next", a conference organized by the Bank of France and the French Ministry for the Economy and Finance, Paris, 16 July 2019. x Brainard, L., Restoring price stability in an uncertain economic environment, speech, 10 October 2022  14
While the stress testing element was only part of the CCAR review, it was an important input into evaluating banks’ capital planning. The assessment was conducted between November 2010 and March 2011. Once again the largest 19 U.S. domiciled bank holding companies were asked to participate, using a baseline scenario, their own stress scenario, and a supervisor-provided stress scenario (a set of macroeconomic assumptions consistent with an economic downturn). A critical benchmark was whether banks could meet a 5 percent Tier 1 common capital ratio under stress conditions over the next two years, assuming they paid dividends or carried out the stock buybacks as they proposed. Additional capital measures were examined, including the ability to satisfy over time the new Basel III capital ratios and changes in capital required by the Dodd-Frank legislation. Bank holding companies were required to provide information on their capital adequacy processes and capital distribution policies, and supervisors assessed them. Conducting the analysis for all of these institutions simultaneously gave supervisors a good benchmark as to how the financial institutions were performing relative to a stress scenario. In addition to providing a method for evaluating capital assessments, the stress test that was one component of the broader CCAR provided an opportunity to determine how financial institutions had refined their ability to conduct stress tests and incorporated lessons learned from the SCAP. In that vein, these types of capital assessments are likely to be an important tool in understanding the capital planning process in the future.