The aspects I’ve touched on today reflect only some of these issues. Let’s face facts: creating a banking union is a similarly major undertaking to the launch of monetary union. 4  BIS central bankers’ speeches  The transfer of European-level banking supervision to the ECB will increase not only its range of tasks but also the responsibility that lies with the Governing Council.
Clear institutional structures and transparent decisions are essential as the basis for public confidence in our work as banking supervisors. But creating this confidence will hinge on our ability – yours and mine – to help the public understand the particular difficulties associated with the banking union project.