Speech by Mario Draghi, President of the ECB,
at the 22nd Frankfurt European Banking Congress,
Frankfurt am Main, 23 November 2012
Frankfurt am Main, 23-11-2012 — /europawire.eu/ — Lord Mayor Feldmann,
Dear Mr. Blessing,
Dear Mr. Fitschen,
Ladies and Gentlemen,
It is a pleasure to be here today to address the Frankfurt European Banking Congress.
A year ago, I gave my first speech as President of the European Central Bank (ECB) at this venue. It has been an intense year for the ECB and for Europe – challenging yet promising.
Introduction
The European financial crisis intensified at first, due to several interconnected factors: deteriorating fiscal and banking conditions in some countries, including large ones, increased financial fragmentation, and the first signs of a renewed weakening of the European economy.
The ECB reacted in a proactive way, by successively lowering policy interest rates and by devising at the end of last year a monetary policy instrument that was particularly effective in the specific circumstances at that time. To counter the impending risks for European banks, that were then concentrated mainly on the funding side, we supplied liquidity at very long maturity and at low rates, fully accommodating the demand by the market. We succeeded in calming the immediate tensions, averting a credit crunch that would otherwise have had grave consequences for the euro area economy, employment and price stability.
But that action in itself could not prevent a further fragmentation of financial markets, increasingly driven, in the early summer, by “redenomination fears” – the concern that euro area membership could prove unsustainable for some countries. The danger was concrete that the adverse loop between weak public finances and banks could propagate to a large set of countries in the euro area, leading to an uncontrollable spiral of rising interest rate spreads and feeding into the real economy. Credit and economic growth were falling, leading to rising unemployment and reduced consumption and investment. All of this meant that the outlook for the euro area economy as a whole was increasingly fragile.
The disruption of the monetary policy transmission due to financial fragmentation is something deeply profound. It threatens the single monetary policy and the ECB’s ability to ensure price stability. This was why the ECB decided that action was essential and that a credible backstop against disaster scenarios was required, which led to the announcement of Outright Monetary Transactions. In this sense, the ECB has shown resolve and foresight in addressing within its mandate challenges in the economic and financial situation, so as to contribute to the stability of the euro area economy as a whole.
But also the cohesion and resolve of the European leaders was crucial in this period. In June this year, European leaders decided to accelerate the move towards a “financial union”, by creating a single bank supervisor centred around the ECB and by linking to it the possibility that European banks, in due time and under certain conditions, could receive direct capital support from the European Stability Mechanism (ESM). Together with the announcement on the OMT, this led to the much more benign market conditions that have prevailed in the recent months.
Therefore, I can address you today against the background of a relative return of confidence in the prospects for the euro area.
The return of confidence is justified, but it relies on three things:
First, given that the return of confidence was related in part to the announcement of Outright Market Transactions, I would like to assure financial markets that we stand ready to implement this programme as and when required.
Second, euro area governments need to continue to pursue structural reforms at the national level. This is essential to regain competitiveness where it has been lost, and to lay the foundations for sustainable and balanced growth in the future.
Third, at the European level, leaders need to follow up with determination on their commitment to make the institutional reforms needed to complete economic and monetary union. That is what will fully restore stability to our continent.
The message conveyed in June by Presidents Van Rompuy, Barroso, Juncker and myself is that to succeed, institutional reforms must extend to the financial system, to the fiscal and economic policy framework and to the area of democratic legitimacy and accountability.
These building blocks form a consistent and interconnected whole. They can be addressed within different time frames and following a logical sequential order, so long as the commitment to address all four of them is unwavering.
In my remarks today, I would particularly like to elaborate on the rationale and principles for establishing a Single Supervisory Mechanism. It is important to understand exactly why we need such a mechanism to determine how it would be designed.
On the ideal schedule for establishing the single supervisor, I agree with those who say that we need to do it in a timely fashion but above all, we need to do it well. What is essential is to have the legal basis as soon as possible, ideally on 1 January 2013, so that preparations can begin.
The rationale for a financial union
The crisis has highlighted a fundamental inconsistency between the single monetary policy of the euro area and the responsibility of national authorities for financial policies. The single currency needs a single financial system that is not fragmented along national lines.
Moreover, for the effective functioning of the single monetary policy, and therefore for delivering price stability in the euro area, banks are key in transmitting monetary policy impulses to the real economy. It is important to avoid significant differences in transmission arising from the countries in which banks happen to be located. Yet such fragmentation within Europe’s financial system has occurred as a consequence of the sovereign debt crisis.
The relationship between the credit of sovereigns and that of their financial system is well understood; it runs both ways. Divergence in sovereign credit has resulted in divergence in bank funding conditions at the national level. This in turn has brought about differences in lending conditions, which hamper the transmission of monetary policy.
Banks facing funding pressures react by tightening the lending conditions for firms and households, which ultimately leads to a breakdown in the relationship between lending rates and monetary policy rates that prevails in normal times.
The adverse feedback loop between banks and sovereigns also has negative effects on efforts to re-establish fiscal sustainability. Countries undergoing fiscal adjustments are increasingly penalised by financial markets because of their additional burden of supporting domestic banks.
Against this background, the need to break the loop between banks and sovereigns at the national level, by taking responsibility for financial stability to the European level, becomes evident. This is why a financial union is a necessary step to improve investors’ confidence. By restoring financial stability, it also provides the most effective response to the fragmentation of Europe’s banking markets. Monetary stability, financial stability and defence of the single European market are all closely linked.
The principles and key elements of a single supervisory mechanism
Financial crises differ in many respects, but they tend to have common origins. These include the rapid expansion of credit, increasing leverage, asset price bubbles and rapidly declining credit quality standards.
National supervisors were often lenient in the face of these developments, partly because of regulatory arbitrage, partly because they were subject to a variety of constraints and pressures.
The single supervisor should possess all the qualities necessary to guard against these risks on a durable basis. It should be rigorous and even-handed, free from local pressures and interests. It should have the vision and take on a broad-ranging approach, independently assessing the situation of individual banks in a systemic context.
As to the specific institutional arrangements, several alternatives have been proposed. The solution chosen by European leaders – to build the system around the ECB – is the only pragmatic one in the present circumstances. Fourteen out of seventeen national central bank governors in the Eurosystem already have a supervisory role. Therefore, working jointly with the national supervisory authorities, the ECB will have the legal authority and technical capability to carry out this complex task successfully.
As part of the European System of Financial Supervision, the single supervisor will closely cooperate with national authorities and with the existing European authorities, notably the European Banking Authority (EBA). Moving supervisory powers to the European level should not and will not change their respective roles and tasks.
But some observers have suggested that the presence in the same institution of monetary policy and supervisory decisions can lead to excessive burdens, a potential confusion of roles and/or distorted incentives.
These concerns must be taken seriously. To guard against them materialising, certain principles must be fulfilled. Let me elaborate, based on reflections that are being conducted within the ECB’s Governing Council.
Rigorous separation of monetary and supervisory policies
The first principle is the need for rigorous separation of monetary and supervisory policies.
Let me emphasise that we are taking this issue very seriously and we have envisaged ways to address it. The ECB has the advantage of having a very clear goal of price stability, expressed in a transparent and measurable way. This objective has never been compromised in the 14 years of the euro so far and it will not be compromised in the future. The ECB’s attachment to the primary objective of price stability remains unquestioned.
The proposal of the European Commission provides for the establishment of a separate Supervisory Board within the ECB, which will include representatives from national authorities. This proposal allows for a pooling of supervisory expertise and knowledge, and will help to ensure that decision-making lines on monetary and supervisory policy are clearly separated.
To separate day-to-day activities, the Governing Council will define internal procedures, making a clear distinction between the monetary and supervisory functions within the organisation. We can build on a wealth of experience in this field, looking at best practices from the many central banks in Europe and around the world that combine supervisory and monetary policy functions.
Independence and higher standards of accountability
The second principle is the need to safeguard the ECB’s independence, implying higher standards of accountability. Independence is not a new concept to the ECB. Neither is accountability.
We are proud of our independence, and in the context of supervision, the ECB needs to be safeguarded from external interests and national bias. With the activation of article 127/6, the provisions of the Treaty are extended to the new supervisory task. These include independence in the preparation of supervisory assessments. In addition, the ECB as supervisor will enjoy operational independence, as foreseen by the Core Principles of the Basel Committee on Banking Supervision with which it will be compliant. It is essential that independence extends to all members of the Supervisory Board. Such independence in the assessment is crucial for the credibility of the supervisory system.
At the same time, it is equally crucial that these strong supervisory powers should be matched with very strong arrangements for accountability. Let me assure you that we are eager to comply with the highest standards of democratic accountability at all levels, that is vis-à-vis both European institutions and national institutions.
Complete range of supervisory instruments
The third principle is that the single supervisor should possess a complete set of supervisory instruments.
All banks established in participating Member States would in principle fall within the remit of the single supervisor. This is important to ensure a level playing field. It will also prevent fragmentation in the financial system, which is precisely what we are aiming to repair.
One lesson of the financial crisis is that not only large cross-border banking conglomerates have the capacity to destabilise the financial system. Due to interlinkages and mechanisms of contagion, even smaller institutions may turn out to be systemically important.
Such banks have a strong presence in Europe: in almost half of the euro area countries, more than 60% of the total bank assets are held by smaller banks. Taking the euro area as a whole, approximately 30% of the total bank assets are held by smaller banks [1]. These are significant amounts. To preserve financial stability, the Supervisory Board would be able to assert control over all banks in participating countries.
Let me say something more on how such a system could operate.
The European supervisor will work as a decentralised system with the Supervisory Board at the centre. The Supervisory Board will itself be predominantly composed of top representatives of the national supervisory authorities; hence the working method and decision-making will be collective, based on a collegial approach and will directly benefit from the skills and experience of the national supervisors. They will be prime actors in the framework, not passive performers subject to a central authority, and will contribute with knowledge of national, regional and local banking markets.
The intensity of centralised supervision will be the highest for those institutions deemed systemically important. But also for these institutions, close cooperation with national authorities on daily activities will remain. The role and responsibilities of national supervisors will increase when going down the dimensional scale, to banks of predominantly national or local relevance.
The single supervisory mechanism should also strengthen the single European market. Therefore, all Member States, also the ones that have not adopted the euro, should have the possibility of participating in the single supervisor. I am confident that the proper legal framework that serves this objective can be identified and adopted.
How European banks can benefit from a single supervisor
I have touched on the elements needed for the new authority to function successfully. Let me now address what I see as the main implications for banks.
A strong area-wide supervisor, capable of acting quickly and effectively, can restore and uphold business confidence in all banks, regardless of their location. It can therefore contribute to a revival of interbank and credit markets.
Second, the single supervisor should ensure homogeneous supervision, convergence of practices, a level playing field and therefore a reduction in banks’ compliance costs. An important element to achieve convergence is the single rulebook that the EBA is developing. But ensuring convergence of regulation is not enough. Supervisory practices also need to converge. The envisaged creation of a single supervisory handbook by the EBA is complementary to this approach. Best practices should become standard practices. The single supervisory handbook should also ensure that in cases where banks are supervised in a decentralised manner within the system, practices are consistent across countries.
Third, the single supervisor will more easily identify cross-country linkages and exposures, and therefore contribute to a reduction of systemic risk.
The next steps towards a financial union
The establishment of a Single Supervisory Mechanism would represent a major step towards a financial union. But in case we were in need to resolve financial institutions, we want to be able to do so without taxpayer money and without disrupting the payments system, even in the case of systemically important institutions. For that we need a common resolution regime and an independent European resolution authority.
The existing legislative proposal on bank recovery and resolution is a development in the right direction, and the ECB supports its rapid adoption. It would best be implemented through an independent European Resolution Authority, immune from national bias and national vested interests.
Conclusions
The establishment of a financial union in Europe is a major component of the institutional framework for a genuine economic and monetary union. The Single Supervisory Mechanism forms an integral part of this framework.
With the new system in place, a critical cause of instability – the link between fiscal authorities and banks at the national level – will largely be removed and a level playing field will be ensured. This is one important step towards a more stable European economy.
Over the course of this last year, the ECB has continued to follow its monetary responsibilities in a highly demanding environment and continued to exert its mandated role in coping with the crisis with a high degree of responsiveness and farsightedness.
Three things have been essential here. First, the ECB has not stepped in to any roles that belong to governments – they too have to take their responsibilities for coping with the crisis in a resolute manner. Second, the ECB has continued to cherish its independence. And third, the ECB has continued to deliver what it is tasked to deliver: price stability for the euro area.
Thank you for your attention.
[1]Banks are considered to be large when their total assets exceed EUR 40 billion or, for smaller countries, when they constitute the largest domestic bank.
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- Fidupar Now Live on Framework’s Core Solution
- Maya Miranda Ambarsari launches InterconnectDATA information platform for authentic data
- Digi Communications N.V. Announces that the offer of the Company’s Romanian subsidiary was designated winner of the auction organised for the allocation of certain radio frecquency entitlements
- New dating site aimed at people with mental health problems launches in Switzerland
- BITSCore Tests Satellite Cyber-Security and Ride-Share Algorithms on Australian Rocket
- StatusMatch.com ed Emirates collaborano per aiutare i frequenti viaggiatori italiani a tornare in volo
- StatusMatch.com and Emirates partner up to help Italian frequent flyers get back in the air
- MinDCet drivers and FTEX powertrain solutions enable EV GaN applications
- Digi Communications NV announces the release of the Q3 2021 Financial Results
- Origami and citoQualis Team up for Startups
- Digi Communications NV announces Investors Call for the Q3 Financial Results presentation
- Digi Communications N.V. announces the extraordinary general meeting’s resolution from 4 November 2021, approving the appointment of KPMG N.V. as the Company’s statutory auditor for the 2021 financial year
- Digi Communications N.V. announces The solution reached by the Bucharest Court of Appeal regarding the investigation conducted by the Romanian National Anticorruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP