Today I would like to review the state of play and take a look ahead to the single supervisory mechanism, presenting my view of what still needs to be fine-tuned. Let me start with banking supervision. The single supervisory mechanism – where do we stand?
If, as I said, the European Parliament approves the legislative proposal for a single supervisory mechanism next week, we can begin exercising this single supervision in autumn 2014. BIS central bankers’ speeches  1  We will thereby create a level playing field for all banks in the euro area, because the same standards will apply overall.