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.

Central bank speech  | 
06 November 2019
by  Luis de Guindos
PDF full text
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  |  4 pages

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.