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Brussels, 2 July 2014
I welcome the Court of Auditors' thorough analysis of European banking supervision. I broadly share the findings of their report. Throughout the process, my services have submitted a number of precisions and clarifications to the Court, the vast majority of which have been taken on board and I congratulate the Court on the way that process was carried out.
The Commission is currently preparing its review of the European System of Financial Supervision and will adopt reports on the European Supervisory Authorities and the European Systemic Risk Board before the summer break.
I believe the European Banking Authority's role in the overall supervisory architecture is crucial. While the establishment of the Banking Union, and notably its key components of the Single Supervisory Mechanism and the Single Resolution Mechanism, will affect the functioning of the EBA, it does not call into question its existence. On the contrary, the EBA will continue to be responsible for the establishment of common regulatory and supervisory standards and practices and the consistent application of EU measures across the EU Single Market. The Commission believes that, overall, EBA has discharged its responsibilities very effectively and thoroughly, given the powers and resources at its disposal.