At the global level, international standard setters such as the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB) have now put in place peer review mechanisms to ensure that national jurisdictions comply with international standards in right measure and spirit.
As already emphasised on several occasions, such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth and job creation in the euro area, fully in line with Article 105 (1) of the EC Treaty. In this respect, let me emphasise that the ECB’s open and transparent communication is a key element in guiding market expectations.