Supervision in Europe is rightly expected to be better than what 19 national supervisors could achieve with national means. The new system of supervision should be neutral and not wedded to national thinking and traditions. It should, where appropriate, produce a level playing field.
That brings me to the end of my presentation. Thank you very much indeed for your kind attention. BIS central bankers’ speeches  11  Chart 1  Recent Developments in Japan’s Economy (2) Value of Public Works Contracted  (1) Real Exports  s.a., tril.