I very much welcome this opportunity to elaborate on what I think are currently some of the most important questions in banking: How can bankers regain the trust that was lost during the crisis? How can the banking sector be reintegrated into society? There is no doubt that banks, bankers and the whole industry are experiencing one of the worst crises of confidence ever.
The change does not only include the improved supranational banking supervision, but also other elements. The SSM will be complemented by the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism (SRM). The new legal framework will allow early intervention in troubled banks.