I would like to begin by expressing my sincere gratitude to you all for so faithfully carrying out your duties throughout the past year under the new environment brought by COVID-19, including contactless working. Our economy faced many difficulties during 2020, as shocks from COVID-19 continued throughout the whole year.
These two necessary conditions for effective cooperation between supervisors and central banks – cooperative and open mindsets and adequate information sharing – are most effectively met within “an institutional framework in which the Eurosystem’s responsibilities for monetary policy in the euro area are coupled with extensive supervisory responsibilities of NCB’s in domestic markets and with reinforced cooperation at a euro area-wide level”.