The credibility of the ECB rests on its independence, the transparency of its strategy and the consistency of its words and actions. I will also argue that the euro area’s new surveillance framework should be built on these three principles – of independence, transparency and consistency of words and deeds.
Back in 2013, the then Secretary of the US Treasury, Jack Lew, said that “(…) the global financial crisis (…) underscored the need for strengthening financial sector regulation across the globe.