We have clear evidence that cutting the deposit facility rate below zero percent has provided additional economic stimulus as it has fed into lower lending rates, thereby helping to improve overall financing conditions for firms and households. Of course, despite these positive effects, negative interest rates have often been criticised because of their potential adverse side effects.
As to securities supervision - which is the main domain of CESR - I recognise that the main challenges are related to the fact that the principle of home country control finds a narrower application and that securities commissions have very different powers across countries.