below the identified thresholds, will be under the responsibility of national competent authorities. The difference between the two groups of banks will concern only the degree of centralisation of supervisory responsibilities within the single supervisory mechanism composed by the ECB and the national supervisory authorities.
Will the pandemic exacerbate them or, on the contrary, will it usher in structural changes that call for a different calibration of monetary policy in the future? These are some of the issues I will attempt to address today. 2.