Internationally the demand for public disclosure and transparency has increased since the global financial crisis (GFC). The crisis highlighted the difficulty of evaluating complex financial products and deficiencies in public disclosure across a number of jurisdictions. The complexities served to heighten uncertainties about the financial strength of some individual banks, and undermined confidence in the banking system as a whole.
In that context, we need to strike the second balance: in order to guarantee the same high standards in the entire SSM, we have to achieve EU- and SSM-wide harmonisation on the one hand; on the other hand, however, we should not go too far, meaning that we cannot achieve an exhaustive list for each and any model decision.