I am very pleased to expose to you a subject that is keeping me and many other people very busy these days, which is the revision of the financial supervisory system. It is a great occasion to present, once more in Milan, the views that are being developed at the European level. I was asked to deal with the "European Supervisory System". I will only develop the micro-supervision, which is the supervision on banking, insurance, pension funds and securities markets. In addition and to be briefly touched upon here, a very important innovation relating to macro-prudential or systemic risk supervision is taking place.