In July, the Committee’s oversight body of Governors and Heads of Supervision agreed on an indicative calibration of 3% as a minimum for the leverage ratio to be tested during the parallel run period, with a view to be implemented on January 1st, 2015.
The particular expertise and euro area focus of the ECB, in other words, the views we have on the systemic consequences of the decisions under discussion, were compelling reasons for requesting our participation. Moreover, we made it clear that the ECB would retain its full independence, as mandated by the Treaty.