Not least, in the context of the on-going process of building the banking union the ECB has been granted supervisory powers. As you know, this will start in November next year, and will cover not only euro area banks, but also the banks of any non-euro area Member State wishing to join the single supervisory mechanism through so-called enhanced cooperation.
*  *  *  The views expressed are my own and not necessarily those of the Federal Reserve System or the FOMC. Highlights •  President Plosser believes the Federal Open Market Committee has to revamp its current forward guidance regarding the future federal funds rate path because the 6.5 percent unemployment threshold has become irrelevant.