Disappointing global growth, and the resulting slower growth of energy demand, are a significant part of the background to the recent movement in oil prices. But, in our view, increased supply probably played an even greater role.
As a supervisor, our most valuable contribution to economic growth is to do our job – by implementing regulation consistently, by closely monitoring supervised institutions in a forward-looking, risk-based and proportionate way and by taking timely and determined action when needed. The SSM has the responsibility and privilege to go a step further.