The third pillar – a joint European deposit guarantee scheme – has been shelved for the time being. But the main topic I would like to discuss with you today is the Single Supervisory Mechanism. 2. The world pre 4 November  Much remains to be done before the SSM can set to work on 4 November.
Relevant proposals were put forward in December 2009, including, among other things, measures to raise the quality, consistency and transparency of the capital base, a global standard for funding liquidity as well as the introduction of a leverage ratio. Throughout 2010 the proposed measures will be calibrated on the basis of an extensive quantitative impact study.