However, to move ahead with Banking Union we need urgent clarity about who will actually remain outside. Many countries have given indications that they are considering to join the SSM. But as the legislative process enters the final stretch, and as our own internal preparations are gearing up, it is essential that those intentions become something more firm.
My comments have highlighted some of the uncertainties that central banks have to deal with in their policy making. I would like to also focus a bit on how these challenges should be approached. Good central bankers and good academics have a number of unique characteristics in common, which distinguish them from other market participants when faced with uncertainty, volatility and imbalances.