Any European supervisory structure will have to rely on a combination of centralised decision-making and de-centralised implementation. The Eurosystem’s experience can be very useful in this respect.
On the other hand, in some countries, like Germany or Austria, where the supervisory authorities are not part of the central bank, the supervisors consider that they cannot deliver information on their own institutions to European authorities for reasons of confidentiality. This does not make sense in a single financial market. These obstacles have to be removed rapidly.