We will discuss all the parameters with the 18 supervisors – the so-called “national competent authorities” of the 18 euro area countries – within the ECB’s new Supervisory Board, which met for the first time on 30 January. This will be the place where all the assumptions, parameters and choices will be discussed.
Third, as with most other jurisdictions that have undertaken such reforms, new laws also need to be put in place, which inevitably takes time.