of organisation and decision making. the ssm will have a carefully calibrated governance structure, involving a supervisory board that interacts with the ecb governing council. at the bottom of the system will be the various national supervisors each feeding up dozens if not hundreds of issues and matters for decision and action, with this volume surging in times of stress. my instinct is that the volume of these decisions is considerably greater in supervision than in monetary policy. it will therefore be important that clear and efficient decision - making procedures, with clear accountability, are put in place. second, it is important that supervisory practices and procedures converge quickly into a common approach. such integration is not easy and will take time, as i know from the fsa which involved the merger of nine and then a tenth organisation into one. in the case of the ssm, we will have at least 17 supervisors from different cultures to meld together. developing a common framework for risk assessment, with a common language for risk and common approaches to inspection and supervisory reviews, will be a process that forges this integration out of necessity and will involve some important early practical design questions. bis central bankers ’ speeches third, and closely related to this last point, it will be important to develop a common supervisory philosophy and risk appetite. will the ssm under the ecb be a principles based supervisor, a rules - based one or some judicious mix of the two? will staff be encouraged – and firms warned to expect – an intrusive approach or not? it is important to articulate the essential elements of the supervisory approach so that front line staff – and the banks they supervise – have a clear understanding of senior management expectations and risk appetite. i would like to see the new single supervisory mechanism give its front line staff a clear mandate to be challenging and assertive with banks in ensuring that risks are not just identified but are definitively mitigated in a time - bound manner. work is underway at the ecb and the national supervisors to start to put these practical building blocks in place. but we have a very tight timeline and much remains to be done. i look forward to the discussion to come on these and the other matters posed by the introduction of the banking union. bis central bankers ’ speeches

, the average student gets an investment of $ 6, 500, $ 2, 200 from his or her family and $ 4, 300 from the government. these numbers reflect a radical difference in fundamental social choices. in the us, investment in good education is central to the long - term spending decisions of families and also of the public sector. anyone with even a slight familiarity with american lifestyles knows the sacrifices and the saving that so many families dedicate to this investment, going so far as to plan their children ’ s college admission from birth. so it should come as no surprise that that society generates such a large part of the world ’ s innovations in every field of knowledge and workaday practice. the other substantial difference between these two systems lies in the use that is made of public resources. in the united states the share allocated directly to families in the form of scholarships and student loans is much larger than in italy ; indeed, student loans, which provide especially strong incentives, are practically unknown here. this form of public spending leaves it to the student to determine the end beneficiary of the funds through the choice of university ; it has the advantage of spurring the competition for students among universities. in countries where diplomas do not have a mandated legal value, the same regardless of individual or institution, as they do in italy, universities will not compete by offering easy courses and high grades but by gaining the reputation for enabling their graduates to succeed in the job market, where a degree from a better institution is more valuable. l. geymonat ( 1973 ), storia del pensiero filosofico e scientifico. volume ii : il cinquecento il seicento, 2nd edition, milan, garzanti, p. 192. i. visco, op. cit. s. rossi ( 2006 ), la regina e il cavallo : quattro mosse contro il declino, rome - bari, laterza. oecd ( 2014 ), education at a glance 2014 : oecd indicators, paris, oecd publishing. bis central bankers ’ speeches still tougher challenges lie ahead. as brynjolfsson and mcafee observe, “ computers [ have ] started diagnosing diseases, listening and speaking to us, and writing high - quality prose, while robots [ have ] started scurrying around warehouses and driving cars with minimal or no guidance ”. 23 technical progress has always left