There are many synergies between monetary policy and banking supervision, and in our case there are benefits from sharing micro and macro-information on monetary policy, bank supervision, and the oversight of payment systems. Moreover, an important lesson from the crisis is that there can be no price stability without financial stability. Most of the time, monetary policy and financial stability measures work in harmony.
Still, there are concerns. There are several things we need to do, notably, steer clear of the risks, as the ECB will be the prime liquidity provider for these banks; establish clear safeguards against any potential conflicts of interest between the various ECB functions as they could give rise to reputational risks. And at the same time we need to reduce costs.