The new consolidated supervisory framework, in place since the beginning of this year, reflects the single market in financial services:   The European Supervisory Authorities (ESAs) are three authorities created for the European banking sector (EBA), insurance and occupational pensions (EIOPA), and capital markets (ESMA)    The European Systemic Risk Board (ESRB) is developing the tools necessary to warn and, if appropriate, make recommendations concerning systemic risk.
If necessary, the operational procedures of the Bank will have to change to bring more interest rate flexibility into the money market. Finally, the instruments used for monetary policy may also have to be adapted to the changing financial environment.