” supervisor this is a far - from - ideal situation. these few words of caution have all the more weight and relevance as we have had a very successful first year of european supervision. the setting - up of the ssm has taken banking supervision in the euro area to a new level – not just institutionally but also in the goals we set for ourselves and the supervised banks. my heartfelt wish is that we continue to aim for those goals. let me close by extending a big thank you on behalf of the executive board of the ecb to all the panellists, speakers and organisers of the conference, who have contributed so much to the success of the ssm ’ s first anniversary. ladies and gentlemen, colleagues, i thank you for your interest in our first ecb forum on banking supervision. i hope that you all enjoyed the remarkable series of deep and thoughtful discussions on this first anniversary. i wish you all a safe trip home. bis central bankers ’ speeches

on a cross - border basis. at the same time, safety and soundness of securities clearing and settlement systems is equally important from a central banking perspective. in this regard, i want to mention the recently published standards on securities clearing and settlement systems, which have been jointly developed by the escb and the cesr. these standards provide a benchmark for regulators, supervisors and overseers to adapt their practices to a commonly accepted approach in the field of securities settlement. i would recall that such standards are based on the current market situation and legal framework, which is not harmonised at the eu level. should a directive on clearing and settlement be finally adopted at the eu level, it is clear that the standards would have to be assessed for their conformity with the provisions of the directive and, if necessary, amended accordingly. third, the eurosystem ’ s interest also stems from the relationship between integration of securities markets with financial stability. central banks have a natural role in this area, confirmed by the treaty, which states that the eurosystem should contribute to the smooth conduct of policies relating to the stability of the financial system. an important task of the eurosystem in this respect is the systematic monitoring of sources of vulnerabilities for the euro area financial system and the assessment of its degree of resilience to potential shocks. in this context, i would like to announce that the ecb will start publishing the output of this activity in the form of a financial stability review, with the first issue already scheduled to be published on 15 december. another task of the ecb in this area is the provision of advice on draft community and national legislation in the financial field either through formal opinions or through its participation in the relevant regulatory ( level 2 ) and supervisory ( level 3 ) committees. in particular, the ecb follows closely the work of the european securities committee ( esc ) and the cesr which play an important role in assisting the commission in shaping the regulatory framework in the securities field. priorities in the areas of financial regulation and supervision the level of integration of securities markets, including market infrastructures in both the trading and post - trading areas, has increased significantly since the introduction of the euro. given this substantive progress, it is important that integrated markets develop on the basis of a sound framework for financial regulation and supervision. the cesr has a crucial role to play in this regard. first, the completion of the financial services action plan ( fsap ) will provide the “ single