Don’t get me wrong: I certainly believe it will be, and I have good reason for saying that: the SSM has got off to a flying start – which is all the more impressive, given the short space of time in which it was created – and its day-to-day supervisory activities are gradually taking shape.
A number of challenges do remain, however, though that it is hardly surprising for such a new set-up. I discussed two of them today. But I am quite optimistic that these challenges will be met. Once the Basel III rules have been finalised during the course of this year, day-today supervisory activities will be based upon a sound, and hopefully coherent, framework.