So, instead of an unshared, national responsibility, monetary policy has become a shared, supranational task. The objective has not changed, though: maintaining price stability. The most important decision-making body within the Eurosystem is the Governing Council of the ECB. It is made up of the Executive Board of the ECB and the twelve central bank governors of the participating countries.
And, of course, also in the banking sector there has to be someone who makes sure that everyone follows the rules – banks need a supervisor just as footballers need a referee, for self-regulation is a sub-optimal solution here too. We have had single European banking supervision in the euro area for over one-and-a-half years – here too there’s been a harmonisation.