that third - country banks establishing subsidiaries will benefit from the level - playing field in the euro area. this may possibly be even a competitive advantage compared to other financial centers such as the uk. concerning ratings, i really am curious whether the ssm will provide more confidence in the european banking sector and thereby lead to better ratings for ssm banks. these are only some of the topics i am looking forward to discussing in the following panel. thank you. bis central bankers ’ speeches

andreas dombret : the ssm – a supervisory level playing field for europe keynote speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at “ frankfurt 120 ”, frankfurt am main, 21 november 2014. * 1. * * introduction ladies and gentlemen thank you for giving me the opportunity to speak to you today at the beginning of our panel discussion. it is a pleasure to be here and to be able to share my views with you. in the following panel discussion, we will speak about the ssm and its consequences for the third parties framework. by way of introduction, i would like to share some of my thoughts on the ssm itself and its implications for a supervisory level playing field in europe. 2. a new supervisory level playing field for europe? the financial crisis has shown that banking supervision failed to keep pace with the increasingly international developments in the banking sector. instead, banking supervision – and regulation, too – remained confined within national borders. it was the financial crisis that finally underscored the need for harmonisation in the banking supervision sphere and the need for a more harmonised regulatory approach – ideally one which would eventually create a level playing field for supervisors and banks alike. we have done a lot of work in europe to meet these requirements – first and foremost by introducing the single rulebook. this package, amongst others, implements the basel iii framework and assures the harmonised implementation of the rules throughout all member states. for me, there are two watchwords for banking supervision and regulation which guide the way to a supervisory and regulatory level playing field : harmonisation and transparency. on the topic of harmonisation, the ssm will ensure that banks throughout the euro area are supervised according to a consistent set of standards. this will also enhance the effectiveness of banking supervision, because a joint supervisory approach can tackle crossborder effects more effectively than a purely national one. as for transparency, the ssm will operate on the basis of more comprehensive information, and it will benefit from cross - border comparisons and europe - wide expertise. pooling insights into different national and regional economic conditions, legal structures, and especially different banks ’ business and risk profiles, will facilitate a deeper understanding of the european banking sector. furthermore, banking supervision at the european level will reduce the probability of national supervisors affording preferential treatment to “ their ” banks, thus contributing to prudential transparency. but is harmonisation an end in itself? most certainly not : harmon