As a result, supervision in the Central Bank has been highly devolved since the beginning of the decade, and very few decisions are deemed so important that they need to be taken by a Director or the Deputy Governor. In a stark contrast, the SSM has operated since day one at the extreme end of centralisation.
In contrast to the other three forms of co-ordination, there is only one single policy, that is the exchange rate policy of the euro area as a whole. But different institutions are responsible for making it work.