In addition, we are examining internal procedures that would separate the relevant work-streams supporting the two functions. The second key issue for the supervisory framework is the possibility of non-euro area Member States participating in the SSM.
Let us first take a step back and remind ourselves that the key reason why we are building the financial market union is because of what is happening in the euro area. We are building it to break the vicious circle between sovereigns and banks, the manifestations of which are much more acute and disruptive in a monetary union.