What we have achieved so far may be not the first best, but it is something. The SSM, the starting point, is valuable per se. The Bank of Italy has supported it from the outset, and will continue to cooperate to make it a success. What the NCAs have to do is to build a real single house.
We have to bring to this common endeavour the best practices and the most useful experiences. In order to exploit the potential of the SSM, it is essential to harmonize supervisory practices so that the resulting single standard be the highest possible, in terms of both prudence and effectiveness in financing the real economy.