We will now report on the outcome of the meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis. While the overall economic situation is expected to improve over 2021, there remains uncertainty surrounding the near-term economic outlook, relating in particular to the dynamics of the pandemic and the speed of vaccination campaigns.
The establishment of a Supervisory College is an important regulatory platform in achieving effective and efficient supervision of financial conglomerates. It is also an international practice amongst international financial supervisory authorities.