6  BIS central bankers’ speeches  On the whole, the banking union means that the authority for supervising banks will be transferred to the European level. The need for this is nothing new – the Delors Report already pointed out exaggerations that financial markets are prone to, and the associated constraints that this entails for national economic policy.8 Thank you very much.
But, as I hinted at before, yield differentials were quite different in recent times.