Central banks of the Eurosystem assume today either direct responsibility for micro-prudential supervision, or are closely involved in this mission, or have formal co-operation arrangements in place.
It is true that everyone can hope for a miracle, but it is also true that responsible policy makers cannot rely on miracles – instead, they solely rely on work, knowledge, policy coordination and proactivity. And it is precisely in difficult times that we can see how each of us has done their job and how successful we have been in doing so.