Ladies and gentlemen, Back in 2012, when it was decided to establish a single supervisory mechanism (SSM), many a critic claimed that either it was impossible, or that it would take forever. And yet here we are, marking the first anniversary of the SSM with this conference, reflecting no longer so much on the structure of supervision, but on its content. Now, the critics tell us that other necessary improvements to the institutional architecture of the euro area, and of the EU, are either impossible, or will not happen during our lifetime. You will forgive me for not being convinced. The establishment of the SSM was ... (full story)