When I was appointed by Governor O’Malley as commissioner at the onset of the financial crisis, one of my first observations was that I was going to have a very hard time retaining and attracting good examiner talent, which was critical to helping manage the crisis.
This close relationship is reflected by the fact that the Treaty has assigned to the ESCB the responsibility to promote the smooth operation of payment systems, which implies an oversight function and includes the possibility for the ECB to issue regulations in this area.