When I now look at the institutional structure for financial stability in Germany and in the Eurosystem, I would like to highlight the synergy effects between operational money market management and banking supervision. The financial market turbulence has shown us quite clearly that these synergy effects can indeed be very large.
As the Bundesbank is closely integrated into banking supervision, we can also fully exploit such synergy effects. Our deliberations on the time profile of liquidity provision and, hence, our stance in the Eurosystem benefit from general information from banking supervision.