One of the strengths of the euro area macroprudential policy, as I see it, is that the joint responsibility between the ECB and national authorities is likely to reduce the inaction bias inherent in taking unpopular and intrusive macroprudential actions. The ESRB, by closely monitoring and evaluating national macroprudential frameworks and policies, plays a similar role in the whole EU area.
On the first topic, the ECB supports the establishment of a single set of global accounting and financial reporting standards. This is vital for the sake of consistency, comparability and thus transparency. It is also important not only for investors and other stakeholders, but also with a view to banking supervision and regulation.