It has taken quite a bit of work to reach this point. I would like to thank my colleagues here at this table and their staffs, as well as the Fed's own staff, for their tireless efforts.
Coming from Germany, where the Bundesbank is not the supervisory authority but is involved in the supervisory process, I would first like to focus on cooperation between national central banks and supervisors before turning to the role of the new EU authorities. 2  How to ensure appropriate cooperation between national central banks and supervisors in the EU countries where these functions are segregated?