My instinct is that the volume of these decisions is considerably greater in supervision than in monetary policy. It will therefore be important that clear and efficient decision-making procedures, with clear accountability, are put in place. Second, it is important that supervisory practices and procedures converge quickly into a common approach.
Such integration is not easy and will take time, as I know from the FSA which involved the merger of nine and then a tenth organisation into one. In the case of the SSM, we will have at least 17 supervisors from different cultures to meld together.