This brings me back to the importance of an effective macro-prudential supervision and regulation, i.e. one that considers all systemically important financial entities and activities. Improving the macro-prudential framework In order to make CMU a success with stronger capital markets and deeper cross-border financial integration in bank- and market-based financing, we need to further strengthen the European macro-prudential framework.
On top of that, Danish participation will mean that the Danish Financial Supervisory Authority will be fully represented on the Supervisory Board at the ECB. The Supervisory Board will make supervisory decisions concerning institutions supervised directly by the SSM. Decisions by the SSM must subsequently be approved by the ECB's Governing Council. That is a formality.