Even though the LOOP is unlikely to hold perfectly, the mechanisms underpinning LOOP might cause a sterling depreciation to lead to an increase in the prices of some domestically produced goods and services. BIS central bankers’ speeches  5  line of argument suggests that the stability of inflation expected 5 or 10 years ahead provides a good metric for judging the credibility of monetary policy. The evidence on medium and long-term measures of inflation expectations is somewhat mixed. The most recent survey conducted for the Bank by NOP suggests that 5-year ahead inflation expectations increased by 0.4% points over the past year. The corresponding survey measures collected by Citigroup/YouGov and Barclays have risen by similar amounts. But both the Citigroup/YouGov and Barclays measures remain below the levels they reached in 2008. And measures of medium-term inflation expectations derived from financial markets are little changed compared to a year ago. But I’m cautious about how much comfort we can take from the relative stability in these measures for two reasons. First, although some economists may like to think otherwise, most companies and households have far better things to do than spend time formulating detailed expectations of the rate of inflation likely to prevail in 5 or 10 years time.
Finally, the Supervisory Board is an internal ECB body responsible for planning and carrying out the ECB’s tasks in relation to the prudential supervision of credit institutions (see Part 2 of this Annex). 1.2 The Executive Board of the ECB The Executive Board of the ECB is the decision-making body responsible for managing the day-to-day business of the ECB and implementing the policies of the Eurosystem. The Executive Board usually meets once a week and more frequently if necessary. Formally, decisions are adopted by simple majority, although in practice, as in the case of the Governing Council, the Executive Board acts as a collegiate body and seeks consensus. Among other tasks it is responsible for: i) preparing the meetings of the Governing Council, presenting the proposed decisions, and ii) implementing the monetary policy in accordance with the guidelines specified and decisions taken by the Governing Council, giving the necessary instructions to the euro area NCBs. It is composed of the President of the ECB, the Vice-President and four other members selected from among persons of recognised standing and professional experience in monetary or banking matters. The members of the Executive Board are appointed, by qualified majority, by the heads of state or government of the euro area countries, on a recommendation from the Council of the European Union, after it has consulted the European Parliament and the Governing Council of the ECB. The term of office of the members of the Executive Board is eight years and cannot be renewed.