Elizabeth A Duke: Rebalancing the housing market Speech by Ms Elizabeth A Duke, Member of the Board of Governors of the Federal Reserve System, at the Federal Reserve Board Policy Forum: “The Housing Market Going Forward: Lessons Learned from the Recent Crisis”, Washington DC, 1 September 2011. *  *  *  Good afternoon.
Over the past few months, detailed preparatory work has been undertaken to put the Single Supervisory Mechanism into operation. Banco de Portugal has taken an active role in this process. In the context of the preparatory work, the next big challenge is the comprehensive balance sheet assessment of “significant” institutions by the ECB and the participating national competent authorities.