Whilst still in its early years, ECB Banking Supervision is a critical institutional step towards deeper integration in the euro area. As is evident from the presence of international banks here, banking does not stop at national borders and therefore a harmonised supervisory approach is necessary to reduce financial fragmentation and ensure a level playing field across the euro area.
The Central Bank is part of the SSM, both in terms of the day-to-day work and the Bank having a seat at the ECB Supervisory Board, which is responsible for supervision. My colleague here today, Ed Sibley, attends the Supervisory Board with our Deputy Governor for Financial Regulation, Cyril Roux.