As a result of the establishment of the Banking Union, today we have the Single Supervisory Mechanism (SSM) that has the mandate to ensure rigorous and consistent supervision of crossborder banks. At the same time, it draws on the local expertise of national financial supervisors. Secondly, the common crisis resolution framework aims to ensure coordinated and orderly restructuring of failing multinational banks.
Building on the expertise and reputation of the national central banks of the euro area, the ECB has developed well and we are very proud that the Eurosystem as a team has delivered what we were supposed to: we have achieved our main objective of price stability in the euro area and – more closely linked to this conference – the smooth operation of payment systems.