How transparent will you have to be once the new system is in force? Asmussen: At the national level, banking supervision bodies are fully accountable vis-à-vis the national parliament. When supervision shifts to a European level, it is in the interests of the ECB to have the highest possible accountability vis-à-vis, and democratic control by, the European Parliament.
That is the logical counterpart to this task. Cœuré: Banking supervision can lead to fiscal costs if a bank has to be restructured. That is why we need even more accountability in banking supervision than in monetary policy. The ECB said recently that interest rates will stay low for an extended period of time.