ECB’s Elderson: Banking Supervision Needs to Focus on Risks

27 June 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Executive Board member Frank Elderson on Thursday said that European banking supervisors needed to focus on the identification and timely remediation of risks.

Speaking at an event marking 10 years of the European Single Supervisory Mechanism (SSM), Elderson, according to a speech text posted on the website of the ECB, said, ‘We need to have a razor-sharp analytical focus on risks, and we need to insist that the weaknesses we identify are remedied in good time.’

A greater focus on impact and effectiveness of banking supervision was necessary to ensure ‘safe and sound banks’, he said.

‘And crucially, we have an extensive toolkit at our disposal that we are willing to use to meet that objective’, he said.