Capitalisation must be strengthened. Now I will turn my attention to the Banking Union. On Tuesday, 4 November 2014, the EU’s Single Supervisory Mechanism entered into force. Responsibility for major supervisory tasks in the participating member states was transferred to the ECB. This marks an important step in the implementation of the Banking Union.
Seen from the outside – from Denmark – it is difficult to spot any change. But we must not be mistaken. 4 November 2014 was a red-letter day in Europe. The member states participating in the Banking Union have set the future course for supervision and crisis management of their banks.