On the other hand, you are also supervisors. Supervisory boards play a major role in managing risks. They contribute to the checks and balances that every bank needs. They are a core element of good governance. And we have high expectations of you and of what you can do to make your bank more resilient.
These are important steps forward as euro area firms rely to a very large extent on bank credit to finance growth and investment. Let us also keep in mind that these measures build on the achievements of ten years of financial regulatory reform, which should not be reversed. So what more should be done at the European level?