Let me add on the subject of supervision that the ECB fully supports the planned review by the Commission of the current regime for liquidity supervision, which represents an exception to the general principle of home country control as the host authority is responsible for the liquidity supervision of a foreign branch.
In my view, this favorable reaction partly reflects a view by market participants that the rate hikes are a signal of the FOMC’s confidence in the underlying prospects for the U.S. economy that in turn has increased confidence in the global outlook: A strong U.S. economy is a major plus for the global economy.