In this respect, we strongly back reforms focusing on reducing labour market rigidities, product market barriers and administrative burdens, and on stimulating technological innovation. Exploiting the complementary nature of reforms would increase their benefits in terms of long-term economic dynamism and price stability.
This is the only way we can avert the suspicion of national supervisors taking too much account of national special circumstances. My other remark follows on directly: it concerns the legacy risks of banks supervised under the SSM. As these risks were created in the past, under the responsibility of individual member states, they should be borne in a national context, too. 6.