We have, since November 4, 2014, created a Single Supervisory Mechanism and the Single Resolution Mechanism will follow in less than a month. The ECB here assumed responsibility for supervising – in cooperation with national supervisors – about 120 largest banks in the euro area.
These banks account for more than 85% of the aggregate balance sheet of the euro area’s banking sector, making the ECB one of the biggest banking supervisors in the world. The Bundesbank very much supports this development. Ladies and gentlemen, one prominent Columbian, as you call yourselves, was Theodore Roosevelt.