I fully agree in this regard with Claudio Borio, who has published (together with his colleagues at the BIS) a range of analytical papers on this topic in the last few years and stated that a proper understanding of financial and leverage cycles is essential for effective policy-making.
The exercise also made very clear from the beginning what the SSM supervisory model is about: joint work, using best local knowledge, with a clear lead by the ECB. The SSM operates as a system, gathering all the expertise of national supervisors and at the same time having a strong decision-making centre.