The ECB has provided input to this report, although I am not sure how its contribution will be reflected in the final version. I would like to make some remarks today in a personal capacity. This might help me to be more direct and clear-cut.
Let me mention from the very beginning, however, that I very much concur with the European Parliament draft resolution on the European economic recovery programme as far as the ECB role in supervision is concerned. I will start by mentioning three key financial market developments that have changed the prudential supervision environment in Europe.