Convergence must be ensured by capitalizing on the experience of the countries that have withstood the crisis best. The European Parliament is rightly pushing for the supranational authorities to be endowed with the requisite powers of coordination.
A leading role within the ESRB must be secured for the ECB and the national central banks: this would boost the Board’s technical capabilities, fully exploiting the synergies between monetary policy and macro-prudential policy.