The SSM, after all, is designed in such a manner that the quality and expertise of national supervisors will continue to be the decisive factor. This constituent of the EU – the principle of subsidiarity – will have a place in the banking union, too. Nonetheless, themes relating to banks and their supervision and resolution will acquire a new European dimension.
4  BIS Review 51/2006  Let me elaborate on some of the risks. First, the general public may fail to fully understand that a preannounced path of future policy rates is conditional and that changes in the state of the economy will require changes to this policy path.