The will to make these changes is not discernible at present – in the midst of the crisis – neither in Germany nor in any of our partner countries. For the time being, then, our only option is the second path, namely to strengthen the present Maastricht framework.
This in turn means also better incentives in banking and hence a more stable financial system. Preparations for single supervisory mechanism Let me now share with you some recent developments in the Single Supervisory Mechanism (SSM). The EU Regulation assigning supervisory tasks to the ECB became effective in early November 2013.