The materialisation of all these benefits will depend, however, on a vital condition for the functioning of the SSM, namely that it ensures a truly unified European perspective and does not act as a sort of an inter-governmental body of national supervisors.
Globally, efforts by governments have stemmed the crisis and the green shoots of recovery are beginning to sprout. 3. Ladies and Gentlemen: On the monetary policy front, the Central Bank conducted a procyclical monetary policy in the year with a view to stimulating private sector credit and economic growth.