The fact that I am back here after such a short period of time reflects the central role that the European Parliament plays in holding the ECB accountable for its supervisory tasks. It also demonstrates that the Banking Union project is rapidly moving forward. The Governing Council has proposed that I become Vice-Chair of the Supervisory Board of the single supervisory mechanism (SSM).
Beyond the need to recapitalize the banks, the regulatory reforms also focused on the following:   Risk-focused and rule-based regulatory framework;    Zero tolerance in regulatory framework in data/information rendition/reporting and infractions;    Strict enforcement of corporate governance principles in banking;    Expeditious process for rendition of returns by banks and other financial institutions through e-FASS;    Revision and updating of relevant laws for effective corporate governance and ensuring greater transparency and accountability in the implementation of banking laws and regulations, as well as;    The introduction of a flexible interest rate based framework that made the monetary policy rate the operating target.