All this requires great effort and represents a formidable challenge. However, the real challenge does not lie in organising day-today supervision in the new system. In my view, the real challenge lies in the decision-making processes.
Since the ECB is responsible for European banking supervision, the Governing Council is the highest decision-making body not only for monetary policy issues but also for matters of banking supervision. These two responsibilities converge on the banks. Banks are a crucial element in the transmission process of monetary policy, while, at the same time, being the object of banking supervision.