Today, micro- and macroprudential supervision complement each other by building on their respective knowledge of the banking system to provide a sound and credible assessment of banks’ resilience to stress. For instance, during the preparatory phase, supervisors and regulators discuss in detail the stress test methodology and the calibration of the adverse scenario.
I am aware that this calls for everyone to make substantial efforts, as it requires not only the alignment of national practices of the banking industry, but also changes in habits from economic actors in all euro area countries.