Among advanced economies, for example, the six central banks – the Bank of Canada, the BOE, the BOJ, the ECB, the Federal Reserve, and the Swiss National Bank announced in October 2013 that the existing temporary bilateral liquidity swap arrangements (established in 2007 and due to expire in February 2014) will be converted to standing arrangements and remain in place until further notice.
I trust that everything will go smoothly, and that the Single Supervisory Mechanism Regulation will enter into force in the late summer so that, in the second half of 2014, the European Central Bank (ECB) can start supervising banks in cooperation with national supervisors. I expect major benefits from the forthcoming European cross-border supervision of banks.