Third, we expect supervision to be practiced with a European view as stated explicitly in the regulation, which will make liquidity between countries more fungible. We saw during the crisis that some supervisors required their banks to match national assets with national liabilities, which had the effect of fragmenting the Single Market.
But in the SSM, national borders would simply be the wrong frame of reference. BIS central bankers’ speeches  1  Some of you may be wondering whether these changes will really support the Single Market, or simply create a “market within a market”, with countries that join the SSM divided from those that do not.