It can significantly contribute to the prevention of ring-fencing measures conducive to the fragmentation of funding channels, which leave credit institutions and the real economy exclusively reliant on domestic funding. Additionally, before it can become operational, the SSM will support the European Banking Authority’s development of the single rulebook for financial services that, together with the single supervisory handbook, will contribute to a level playing field in the European financial market. The exclusion of banks from the direct supervision of the ECB is not tantamount to exclusion from the ECB’s supervisory reach. First, national supervisory authorities will have to abide by ECB regulations, guidelines and general instructions and be subject to the ECB’s broad oversight power over the functioning of the SSM; second, to ensure consistent application of supervisory standards, the ECB may decide at any time to exercise direct supervision on less relevant credit institutions, upon its own initiative after consulting with national authorities or at the request of the national supervisory authority. Although aimed at revising the institutional arrangements of the euro area, the SSM is not a closed system. It is open to those national competent authorities of non-euro area Member States that intend to participate by entering into a close cooperation with the ECB. Once a Member State enters into a close cooperation, national competent authorities will participate on equal footing as regards supervisory decisions, but will equally have to adhere to the guidelines and instructions issued by the ECB.
An online portal for registration will open tomorrow morning, with attendance determined shortly thereafter by a ballot. 11 Debate on social media is already underway, 12 and there will be live webcasts available on the day. The Open Forum is open to everyone, because the UK’s markets matter for everyone. Our goal is to discuss the prospects for market functioning, where regulations might overlap or conflict, and whether enough has been done to build the real markets the UK deserves. Markets that merit social licence and reinforce social capital. In the best traditions of Harvard, we should use the compass of Veritas, so that, when we too are dust, others can build on our legacy, as so many have on that of Southwark’s John Harvard. 11  See www.boeopenforum.co.uk. 12  See #BoEOpenForum. BIS central bankers’ speeches  7