A European Systemic Risk Board, in which central banks and supervisory authorities will participate, will be responsible for macroprudential analysis and supervision. It is important that it be headed by the president of the ECB, that its activity go beyond merely warning about risks, that it be able to verify implementation of its recommendations and promote the introduction of countercyclical measures.
Supervision of all banks, including European groups, will remain a national responsibility. The overall context must change, however. The objective is: common rules, common practices, a common culture, with a single rulebook applicable throughout Europe, and a strong coordinating role for the supervisory colleges.