Despite the inter-linkages, each level should be in a position to deliver on its own mandate. Correspondingly, citizens should be able to identify who is responsible for what. Here I believe that EMU still has some way to go before passing the “fitness test”. Let me now review in turn the economic and political dimensions of the “fitness test” of euro area governance.
With regard to data quality, the “Principles for effective risk data aggregation and risk reporting” published by the Basel Committee on Banking Supervision in 2013 are a suitable benchmark. We will closely monitor whether banks are applying these principles.