While the ECB has indeed done a remarkable job of steering the SSM through its first year, this does not imply that it is bound to solve any organisational difficulty in a top-down manner. Instead, we should take advantage of bottomup engagement whenever it is feasible. Second, we should keep in mind the need for self-control.
We have to assure our internal balance of powers. Again, this is not meant as a subtle reach for national privileges but  BIS central bankers’ speeches  3  instead as a call for institutional diversity. This is not to be confused with harmonised supervision, which remains ever paramount.