Luis de Guindos: Welcome remarks - ECB Forum on Banking Supervision
Welcome remarks by Mr Luis de Guindos, Vice-President of the European Central Bank, at the third ECB Forum on Banking Supervision, Frankfurt am Main, 6 November 2019.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Welcome to the third ECB Forum on Banking Supervision.
November 2014, exactly five years ago, was certainly a crossroads for the euro area banking sector. The creation of the Single Supervisory Mechanism conferred both micro- and macroprudential responsibilities on the ECB.[1] I will therefore focus on our achievements and challenges in coordinating both functions. In particular, I will touch upon our joint effort in carrying out banking sector stress tests and our interaction in the conduct of prudential policy in the current environment.
Micro- and macroprudential interaction and coordination
Looking back, the financial crisis was a wakeup call for all of us to strengthen financial regulation and banking supervision. For Europe, it especially implied harmonising supervision across Member States to protect it from national agendas.