as the one experienced in mid - september 2008. the entirely exceptional joined interest rate cuts on 8 october 2008 and – in similar tense conditions – on 13 september 2001 have to be seen in this context. in both cases there was extraordinary uncertainty about the economic outlook and there was strong evidence that upside risks to price stability had diminished in many world regions at the same time. joint action was first and foremost predicated on the need to respond to the same shock, a shock that was being transmitted around the globe with lags measurable in hours. this created the room for interest rate cuts, in all cases consistent with the mandate of the respective central banks. we chose to coordinate the timing of announcement because we wanted to mutually reinforce our message of confidence to the markets. that being said, reflecting upon our very close relationship, i see all the hours spent on exchanging ideas with my fellow governors, reflecting on facts and prospects, has progressively consolidated an element of intimate confidence that is a major asset for the present and future. we have built a remarkable common ground of shared experience, mutual understanding and trust – in which today ’ s consultation does not need a long preamble because it follows naturally from yesterday ’ s discussion – that has facilitated action in many directions. we have intimately cooperated in ways that cannot be easily integrated into theoretical models. for example, there is a continuous exchange of information that helps all of us to better understand the nature of the crisis and its intricate international propagation patterns. m. obstfeld and k. rogoff ( 2002 ), “ global implications of self - oriented national monetary rules ”, quarterly journal of economics 117 ( 2 ), 503 - 535. a classic contribution to the literature on policy coordination, reflecting the conventional wisdom, can be found in g. oudiz and j. sachs ( 1984 ), “ macroeconomic policy coordination among the industrial countries ”, brookings papers on economic activity 1, 1 - 64. see my intervention entitled “ the euro area and its monetary policy ” at the conference on “ the ecb and its watchers ix, ” frankfurt am main, 7 september 2007. see also the article entitled “ monetary policy activism ” in the november 2006 issue of the ecb monthly bulletin. obstfeld and rogoff ( 2002 ), p. 503. we have cooperated intimately as regards the provision of liquidity in order to restore the normal functioning of interbank money markets around the world. since december 2007, the

than 75 % of their resources to enhance cooperation with the single supervisory mechanism, thereby ensuring that banking supervision is conducted according to high quality standards and consistently across all credit institutions. the bank of greece's constant support to the single supervisory mechanism is confirmed by the significant increase in these departments'staff over the past decade ( with headcounts rising by more than 60 % in joint supervisory teams ( jsts ) and almost doubling in the inspection sections since 2014 ). the supervisory board decided in 2021 to launch the " ssm integration project ", as it became clear that most cooperation initiatives had focused on improving the functioning of jsts, rather than of horizontal units. the reorganisation of the single supervisory mechanism has highlighted the need to enhance effectiveness and efficiency through the optimal use of available resources and knowledge. in this regard, a number of initiatives have been developed jointly with the national supervisory authorities, aimed to foster a common ssm culture and career paths, build a team spirit, coordinate work and further develop common tools and technologies. you will learn more about these actions, which the bank of greece actively supports, in the presentations that will follow. today's event gives us the opportunity to share information, experience and knowledge, and to gain a deeper understanding of the objectives of the single supervisory mechanism. joint commitment ensures the soundness of supervised credit institutions and enhances the stability of the financial system in europe. each one of us, and all of us together in a coordinated manner, can improve the existing collaboration between the european central bank and the national supervisory authorities and contribute to the further integration of the european supervisory function. before inviting mr tsikripis to speak, let us watch a 3 - minute video that explains what the single supervisory mechanism is. thank you! 2 / 2 bis - central bankers'speeches