I have spent more than 20 years of my career dealing with microprudential supervision in various roles, first at Luxembourg’s Monetary Institute and Finance Ministry, and then as Governor of its Central Bank. During that time I helped to develop the template for modern banking supervision in my country – but I also witnessed the challenges national supervisors can face in a monetary union.
This perspective proved vital when I co-led the internal preparations within the ECB for the creation of European banking supervision. Today, the Single Supervisory Mechanism (SSM) is well established as the single banking supervisor in the euro area. If confirmed as Vice-Chair of the ECB’s Supervisory Board, I am determined to uphold and strengthen this achievement.