achieved with the ssm. it was indeed a very ambitious undertaking, but we have achieved, in a relatively short span of time, many significant milestones through a common effort aimed at integrating diverse supervisory traditions and incorporating the best national practices into a unified ssm approach. at the same time, we should acknowledge that there is still a long road ahead. three concepts must remain our guiding stars : a rigorous approach, cooperation and openness to innovation. 4 / 4 bis - central bankers'speeches

any undue advantages or disadvantages. moreover, the ssm places a strong emphasis on transparency and accountability. it is essential that both the market and the entities under supervision have a clear view of 1 / 4 bis - central bankers'speeches our policy stances and of our supervisory process and its results. this is not only a good practice for financial authorities, it is the backbone of mutual trust and confidence. the ssm has integrated our voices and efforts, in the pursuit of the'one team spirit ', enabling us to leverage different supervisory cultures and diverse operational experiences under a unified ssm methodology. thus, the ssm has capitalized on the histories of the national supervisory authorities, guided by a shared european vision. however, as we reflect on our accomplishments, we must not rest on our laurels. the global financial landscape is continually evolving, and our european framework must evolve with it. as we chart our path forward, there are specific aspects that warrant our continuous attention and effort. first, there are the differences in national regulatory regimes : while the ssm has made significant strides in harmonizing supervisory practices across europe, we must remain committed to working on the progressive reduction of disparities between national regulatory regimes in several areas. by the same token, we are still awaiting the completion of the third pillar, the european deposit insurance scheme ( edis ). the puzzle is not yet complete, but we remain confident that we will ultimately get there. second, the sense of belonging to a single system for our resources : this is an issue that has been at the forefront of discussions, particularly with the initiation of the ssm integration project.... and challenges ahead while we take pride in our achievements, it is equally important that we address the challenges and potential vulnerabilities affecting the financial industry, calling for changes in our supervisory approach. one of the critical areas of concern pertains to the ssm's primary focus on supervising banking groups, which constitute just one facet of the broader financial landscape. however, non - bank financial intermediation, encompassing entities such as financial intermediaries, asset management firms, investment funds and payment service providers, has seen significant growth over the past decade and is strongly interconnected with the banking system. while this evolution is a positive development in terms of fostering financial integration and bolstering economic growth, it also introduces heightened risks to the financial system. increasing competition and potential spill - over effects cannot be disregarded from a