There are certainly good reasons, on which I shall not elaborate here, for leaving area-wide macroprudential instruments on hold. At the same time, since under the Regulation the SSM has both micro- and macroprudential responsibilities, I believe that reflection on this issue is warranted. The complexity of the European system of financial supervision is extraordinary. This complexity follows from two main factors.
Our concern, both during summer 2012 with OMTs and in late 2014/early 2015 with asset purchases, was to come up with tools that would suit the specific features of the euro area and also find the highest possible level of consent around the table at the Governing Council. That needed a process of maturation and time for debate.