The ECB’s mandate remains clear: our objective is price stability. But we have also been given powers for microprudential supervision, as well as some macroprudential competences. On the microprudential side, European banking supervision contributes to the soundness of the banking system. A lot of work has already been done, and we will continue to do more.
The Federal Reserve has long emphasized the need for appropriate and strong internal controls in institutions we supervise, and we have taken a continuous-improvement approach to our risk-focused examinations. For many years, enterprise risk management across multiple organizational units within an entity has received increased scrutiny.