Integration into ex-ante coordination systems with other policy areas is inappropriate. There remains a third aspect: which primary objective should the independent monetary policy makers pursue? The Treaty settled that. And this must remain the answer. Not merely for legalistic but primarily for objective reasons: In the longer run, inflation is always a monetary phenomenon.
It is important that the rules envisaged by DORA are consistent with the existing rules in banking regulation. Otherwise, this would fragment regulatory standards even further and overburden banks that engage in outsourcing arrangements. In my view, we need a sound supervisory architecture balancing third-party oversight and banking supervision.