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Questo articolo è stato pubblicato il 19 aprile 2013 alle ore 07:25.

My24

The ESM activity does not belong to sphere of central banks. It is squarely a fiscal activity. It's difficult for me to judge what is happening in this area. Between SSM and potential bank recapitalisation by the ESM we clearly still have a void: the resolution. As long as we do not have more certainty on how to close this gap, the discussions on what the ESM will be able to do will continue to be extremely difficult. Once we have more clarity on resolution, we might also have a better understanding of what the ESM will deliver.

What about the starting date for the ECB role in the SSM?
The regulation itself says we should start to become operational a year after the regulation comes into force, but also we must be confident that we operate in an environment that is conducive for this operational start. Therefore, we must also know how the prudential assessment will be able to produce solutions that can then be handed over to the funding side, that means resolution or ESM recapitalization, the fiscal backstop of last resort.

Concentrating supervision at the ECB is controversial. People fear that it will hamper the achievement of its mandate of price stability.
Already in the Maastricht Treaty discussions it was obvious that monetary policy would need prudential information as part of its input for decision making, because of the framework of dealing with counterparties. These are banks and determine the necessity to have a good knowledge of banks. But there are also early signals that you can get from monetary policy which will be relevant for prudential supervision and financial stability. The close interactions between the two functions were already evident back in the 90's.
The risks were also clearly recognised: first of all, the reputational risk considered particularly relevant and high when the new institution was established. The ECB is still a young institution but has already created some credentials. The reputational risk should also be seen in the context of what monetary policy has delivered in the past 14 years. Second, there is a strong consensus to walk this avenue. If only one single country had very strong reservations, we would not have had unanimity which is required by article 127.6 requires unanimity. Some like to have an even stronger and more powerful regulatory side, others a lighter touch on SSM. Europe consists of different countries and cultures. There is a need to bring these together. We try and adopt an optimal solution with diverse starting points. It is possible to reap these synergies with a organisational separation of the respective decision-making processes. In the end, the result will give a more precise answer.

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