Second, European supervision adopts a system-wide perspective when monitoring and mitigating risks. Supervisors can draw on a comprehensive dataset and information on banks across the euro area. On this basis, experienced staff from 28 different countries can make comparisons, spot common weaknesses and monitor potential channels of contagion. 1/6  BIS central bankers' speeches  This has two benefits.
Indeed, the objectives of the reforms, which involve many sectors of the economy, center on fostering competition and market flexibility, thereby allowing for a more efficient allocation of resources as well as lower prices of productive inputs and of final goods and services. The welfare gains from these changes, if fully implemented, could be significant.