Single Supervisory Mechanism Chair Daniele Nouy on tour in NY
- European bank-regulation harmonization insufficient
Nouy has been addressing the Corporate Programme Roundtable
"With the creation of the single European supervisor, we have put one of the key lessons we learned from the financial crisis into practice. Harmonised financial regulation and supervision will help ensure the soundness of banks, prevent crises and support economic stability. As I noted, the SSM is still "work in progress", but we are here to stay.
"Every crisis is an opportunity", as the saying goes, and the opportunity for Europe was to create the banking union to complement monetary union. The opportunity for the world is to strengthen cooperation at the international level and, from my vantage point, I would say that we are on the right track. My fruitful exchanges here this week with the US authorities and with the International Monetary Fund (IMF) also attest to the broad view that good regulation and supervision is key to preventing the next crisis and that international cooperation between supervisory authorities is invaluable".
Full speech here entitled " Levelling the playing field"
