In the meantime, the Single Supervisory Mechanism should continue to focus on further  strengthening the resilience of the banking sector. However, we should avoid over-calibration  and possible inconsistencies between different measures that might impair the ability of European banks to support the real economy.
The second presentation after lunch deals with open market operations, drawing on the experiences of another regional central bank and should provide some useful lessons for us. We have observed the provision of liquidity by central banks in the major capitals recently as the credit crunch unfolded there. In the Caribbean, the pressure is often in the other direction – to mop up liquidity.