* * * Since 2014, we have made huge steps towards establishing a truly European system of banking supervision and embracing a common supervisory culture. Does this mean nothing more needs to be done? Not quite. For a fully-fledged common culture you need to have three things: First, you need a truly unified legal basis.
You simply cannot build a comprehensive common supervisory culture if you have to apply a different set of rules in each of the 19 countries. Just think how we need to treat fit and proper assessments differently from one country to the next. Second, you need harmonised administrative practices.