There are several measures that EMEs need take to promote liquidity and to develop corporate bond markets: •  First, they need to broaden and diversify the investor base;  •  Second, they need to develop domestic derivatives markets; and  •  Third, they need to strengthen the legal framework and the market infrastructure.
It is true to say that national authorities are no longer responsible for supervising their largest banks. But they share their knowledge and experience with the ECB, which directly supervises the largest banks and oversees the entire system of European banking supervision. We have joined forces to make the banking sector safe and sound. In my view, this was the right thing to do.