As long as we do not forget the principles applied by the architects of the SSM, it will always be possible for the ECB and the national supervisory authorities to together regain the right balance. This is the prerequisite for ensuring that the primary aim of the SSM, high-quality banking supervision in the euro area, is met in the long term.
That means that we have only our own strengths to rely on to sustain growth. Finally, and most importantly, our economies are suffering the effects of an erosion of long-term growth prospects and a relative increase in the global supply of savings. Long-term growth in the euro area has halved since the crisis, to less than 1% a year.