On both  BIS central bankers’ speeches  1  dimensions, the Eurosystem benefited enormously from the Bundesbank’s dedication to our common cause, and on both dimensions the Bundesbank contribution found in Axel its voice. The first task is financial supervision, the importance of which cannot be underestimated.
For one thing, the information gathered in supervision has been particularly useful in the preparation of monetary policy decisions during the financial crisis. This has been especially true when and since the Governing Council of the ECB decided to introduce non-standard monetary policy measures to ensure the proper transmission of the monetary policy stance.