The ECB fully subscribes to the need for a clear separation between its monetary and supervisory function and the provisions to this end mentioned in the proposed legislation. But let me stress that separation does not mean isolation. The conferral of supervisory tasks to a central bank is in line with the responsibilities of many other central banks that combine these two functions.
However, it should be recalled that the alternative to central clearing is far more risky: the non-cleared world, which existed before the crisis, was dangerously opaque, did not allow for pooling of risks, and was inefficient in terms of collateral mobilisation. Risk management frameworks of CCPs shall be designed to provide the right incentives to all stakeholders to manage theirs risks and positions prudently.