In order to ensure such consistent supervision, the ECB can give national supervisors guidance on how to design the supervision of smaller institutions. For instance, it can set supervisory focal points or define principles for the assessment of certain issues.
In this context, the Russian Federation’s rebound is - as a recent IMF publication put it remarkable. Indeed, it is worth bearing in mind that when Europe was preparing for the third stage of EMU, Russia was hit by a severe financial crisis.