Fifth, the SSM should operate in a manner fully consistent with the principles underpinning the single market in financial services and in full adherence to the single rulebook for financial services. The envisaged involvement in the SSM of non-euro area Member States on a voluntary basis shall be seen as a further element fostering integration in the EU.
The lesson I take from this experience is not that financial regulation and supervision are ineffective for controlling emerging risks, but that their execution must be better and smarter.