While it may be a difficult and controversial exercise to weigh up the pros and cons of the two solutions at a general level, without making allowances for the specific environment, in the particular context of the Eurosystem the balance of the arguments leans in favour of maintaining a strong role for national central banks in prudential supervision. The reasons for this are twofold.
Along with this, I also perceived a growing momentum for central banks to pool their wisdom and act together to solve these challenges. These efforts are beginning to bear fruit.