Such a role is envisaged in the report by the high-level group chaired by Jacques de Larosière. I welcome its proposals on macro-prudential supervision, which relate in particular to a European Systemic Risk Council under the auspices of the ECB. Let me provide you with a few observations on this matter.
What we want to achieve, Mr Draghi said, is a “good” form of bank deleveraging, where equity is built up, where deposits rise and where balance sheet reduction takes the form of swift asset clean-up, rather than a slow scaling back of the loan book while rolling over bad loans. The ECB’s monetary policy is helping this process.