This is why the combination of the SSM and the macro-prudential tools of the Basel 3 accord make such a potent change in the likelihood of success in the euro area. The ECB is an institution of great influence, whose strength, powers and independence are safeguarded by the Treaties of the EU.
I’ll talk next about my journey to my current position and the role that international diversity played in that journey. Finally, I’ll close with some thoughts on the role of workplace diversity. My remarks represent my own views, which are not necessarily those of anyone else in the Federal Reserve System.