Instead, we work closely together with the national supervisors. We also rely on their national expertise, and we rely on their experience. After all, they know a lot about the local circumstances, such as specific covered bond frameworks. Without them, European banking supervision would not work. In my view, working together, and placing our trust in each other, is a small price to pay for a safe and sound banking sector. And in the end, sharing control does not mean losing control – it may even mean the opposite. As members of the banking union, countries might actually gain control and influence. Together, they may be able to shape policies and rules which have an impact beyond the banking union itself. And they can also contribute to discussions at the global level, such as those of the Basel Committee on Banking Supervision. So, within the banking union, we share control over banking supervision. But the quest for a stable financial system does not stop there. It is crucial for financial stability that each bank is as safe and sound as it can be. But this alone is not enough. The health of each bank is not sufficient to ensure the health of the system. Things are a bit more complicated than that. When it comes to financial stability, the whole is more than the sum of its parts. If we want to limit risks in the whole system, we must do more than just monitor each part in isolation. We must cooperate.
Percentage of those born in Sweden and those born abroad in the labour force, aged 15-74 years. Sources: Eurostat and Statistics Sweden (AKU)  Increased migration in Sweden and abroad During the latter part of the 19th century there was widespread emigration from Sweden to the United States in particular. Around 1.2 million Swedes emigrated to the United States between 1851 and 1930, which at that time was around one fifth of the population. The reasons were in many cases financial, but religious freedom and increased equality were also attractive. There were several factors that enabled emigration. The emergence of the steam ship was one factor. Liberal ideas on economics, politics and freedom – which made a breakthrough around Europe in the 19th century – were other factors. At the beginning of the 20th century, Sweden was an established “emigration country” with more emigrants than immigrants, see Figure 9. This was primarily due to the large-scale emigration, but we also had very few immigrants. In the year 1900 the percentage of people born abroad in relation to the population as a whole was just 0.7 per cent, with most of them coming from other Nordic countries. An interesting fact here is that the immigrants from outside of Europe comprised 90 people from South America, 79 from Africa (56 of whom were from  13 [24]  South Africa) and 87 from Asia.