In general, I believe that the SSM will become one of the leading banking supervisors in the world, applying the best possible tools for supervision – and developing such tools also for other supervisors. High-quality supervision will benefit those banks acting prudently and with most efficient business structures.
Macroprudential policy Finally, I would like to point out that alongside the preparations for the SSM, a new systemic angle has been added to supervision. Also through the new EU capital requirement legislation, macroprudential policy is becoming effective in the EU. Macroprudential policy is about identifying, preventing and mitigating systemic risks through the application of macroprudential instruments.