Dear Chairmen, Honourable Members of Parliament, I am delighted to be here at the Interparliamentary Committee Meeting to discuss the challenges for our banking union with members from both the European and national parliaments. While the ECB now directly supervises the biggest banks in the euro area, the banking union’s effectiveness depends on the smooth and close interaction between European and national authorities and between European and national legislators. In my brief remarks, I will first discuss the key risks in the euro area banking sector. I will then single out a few areas in which work remains to be ... (full story)