This guarantees a collective approach and ensures that there will always be a European element in the decision-making. Indeed, the final responsibility for decisions will rest with the ECB. This process of creating an integrated SSM is of course a major organisational challenge.
We are bringing together 17 or more different national supervisors, with different operating cultures and supervisory philosophies, into a single mechanism with a single culture and philosophy. And the ECB will be directly hiring around 1,000 new staff, of which around 750 will be involved in supervision. So it will take time to reach our cruising speed.