among others more volatile long term interest rates. but we shall deliver by 2025 with increased confidence : expect our next meetings, as said, to be a bit more boring. but if this is synonym for somewhat reduced page 14 sur 14 uncertainty and intelligent patience before future rate cuts, nobody should regret it. thank you for your attention. f. fukuyama, the end of history and the last man, 1992. g. gopinath, the temptation to finance all spending through debt must be resisted, financial times, 27 october 2023. iii f. villeroy de galhau, the future of multilateralism : three hard facts, three needs and one belief, speech at emerging markets forum, 11 october 2023. iv p. - o. gourinchas, resilient global economy still limping along, with growing divergences, imf blog, 10 october 2023. v g. lorenzoni, and i. werning, " inflation is conflict ", working paper 31099, national bureau of economic research, april 2023. vi o. blanchard, " the wage price spiral ", the quarterly journal of economics, august 1986, 101 ( 3 ), 543 - 565. vii c. lagarde, policymaking in an age of shifts and break, speech, jackson hole, 25 august 2023. viii f. villeroy de galhau, monetary policy in uncertain times, speech at london school of economics, 15 february 2022 ix below 2. 5 %, attention is low and insensitive to the actual level of inflation, but when inflation is above this threshold, inflation attention rises strongly with inflation. korenok et al. ( 2022 ) find similar results for a large sample of countries using google searches for inflation. o. de bandt et al., ( 2023 ) also show the good forecasting properties on future inflation developments from data on inflation perception derived from newspapers. this warrants monitoring such data from newspapers and social media. x f. villeroy de galhau, how monetary policy will defeat inflation : channels and locks, speech at centre des professions financieres, 17 february 2023. xi w. churchill, house of commons, 4 june 1940. i ii

the euro area. as the ssm changed the way supervision addresses problems and communicates what it expects to be done by banks, it also changed the timing and the way banks, their management and their owners acknowledge shortcomings and find solutions. one important step led to a common methodology for the supervisory review and evaluation process, the core of supervisory activities and the basis for the capital level the ssm expects a bank to hold according to its individual risk profile. starting with 19 different supervisory practices and information levels, it was pivotal to set a basis of quantitative as well as qualitative information about individual banks and the differences in national banking systems. we can now reap the fruit from bis central bankers ’ speeches having a single european supervisor by moving our capacity for benchmarking to a european level. but it was not only a busy year, it was a very special year, too. everything we decided, we decided for first time. everything we did set a precedent. thus, everything had to be discussed in the supervisory board of the ssm, consisting of the representatives of the 26 national supervisory authorities as well as of 6 ecb representatives. we formulated supervisory policies in all major areas, for example large exposure limits, the fitness and properness of board members, conditions for changes in qualifying holdings, prerequisites for capital reductions and issuances, model approvals, capital and liquidity waivers, ips etc. we also discussed and agreed on concepts and processes for supervisory planning, onsite inspections, risk analysis, reporting of banks. integrating 19 national supervisory cultures and traditions with a wide range of administrative practices demanded and still demands organisational and methodological rigour. this rigour is sometimes misinterpreted as being not proportional or not in line with qualitative supervision. but common concepts and methods have helped and are helping us to put in place the fundamental pillars of a truly european supervisory approach. some stakeholders had grown fond of some habits and customs. those customs had to be abandoned to make room for a new common approach, as the objective of the ssm is not to preserve 19 national approaches but to foster convergence towards best standards of supervision. it is not my intention to only look back at our past achievements. we cannot lean back and hope for easy wins in the years to come. there are still a lot of challenges ahead of us, which we have to face and address. firstly, there are issues for which we still lack a common approach. for