Mr. Marco Buti:

During the whole pre-crisis period, banks were considered to be well capitalised and solid. No particular problem was emerging in that period. As I indicated in my statement, and as Mr. Nava told this committee two weeks ago, responsibility for financial supervision and regulatory matters was at the national level and not at the European level. The principle of minimum harmonisation prevailed at the time. The responsibility was at the national level. The supervisors were national. There was minimum co-ordination at the time. The remit or responsibility of the EU did not extend to following up on these matters. We have amended the view and the framework since then with the six-pack, the two-pack, the banking union and the whole regulatory framework on the banking side.