European banking supervision is not the holy grail of financial stability. It certainly contributes to making banks more stable, but it is no panacea. Thus, we have to supplement it with other measures. Let me elaborate on one point in that regard. Banking supervision cannot prevent individual banks from failing – not at the national level and not at the European level.
Rising longevity will provide us with the ability and willingness to work later into life, without necessarily implying a change in the share of our lifetimes we spend in retirement. This will allow us to bolster participation, savings and reduce the burden on the public purse. Recognising that on average we’ll enjoy longer lives, may also encourage a rise in education and training.