The current debate on how to achieve this objective is intense, and not yet finished. I perceive the part played by the Eurosystem in nurturing this debate not – as it has been suggested – as an attempt to enhance the supervisory role of the ECB but instead as a constructive contribution to setting up a comprehensive architecture for an effective multilateral supervisory co-operation.
The latter, I believe, is a common goal of central banks, supervisory authorities and ministries of finance. In the banking sector, the Eurosystem feels – in line with what I highlighted earlier – that there is a need for continued involvement of central banks in multilateral supervisory co-operation, along the lines of the work of the Basel Committee on Banking Supervision.