This means supervision that aims to limit the risk of distress in the financial system as a whole, but does not extend to supervision of individual financial institutions. Building on the de Larosière report, the European Commission has recently proposed to establish a European Systemic Risk Council (ESRC), chaired by the ECB President.
Many in this audience have far richer insights about what makes for success in small business than I do, from their many years of entrepreneurship, in good times and bad.