The euro area supervision should be conferred with a complete set of tasks and responsibilities, in a clear and unambiguous manner. Second, as I mentioned at the beginning of this talk, supervision should be conducted in line with the principles of subsidiarity and proportionality. This implies that the operational conduct of supervisory tasks should be decentralized to the largest extent with national supervisors.
First, concerning the general objectives of this process, I would argue that, while the primary objective of the EU financial stability framework should evidently be to safeguard effectively financial stability, it should also contribute to removing the remaining obstacles to financial integration.