And of course smaller banks will continue to be supervised wholly from Dublin (within the overall SSM approach), as will the 400 credit unions, some of which continue to need special attention as the sector strengthens and consolidates. Irish financial stability Despite the progressive centralisation of important parts of central banking in Europe important tasks remain a national responsibility.
Among these is an overall responsibility for the preservation of national financial stability. Bubbles and other sources of financial instability can, as we well know, emerge in the national economy even if not present across the euro area as a whole.