The different modes of cooperation also become visible with respect to competences. NCAs still have major tasks and competences beyond directly supervising the 3,200 smaller, “less significant” institutions in the euro area.
The prosperity of savers in Germany in the future depends mainly on the success of reform efforts at the political level throughout the euro area. Because – as I said – if the interest rates for savers in Germany are in part so low, it’s because German government bonds are in demand.