I can see why he is introducing himself in such a confident and enthusiastic manner because the role requires it but he was not, as far as I was aware, a leading light at CEBS and his comments are a bit naive.

The EBA will have the power to bind member states and we know that we are progressing towards a single rule book but it will not be easy. I question whether the EBA has enough resources at this stage to do this and dealing with member states, who will all want a say in the rule making process, will not be easy.

His first real test will be the stress tests. There were weaknesses last time round with the stress testing and this time they must be more robust, with realistic scenarios and uniform interpretations. Included should be a sovereign default scenario as it is not beyond the realms of possibilities. Perhaps there should be a collapse of the EURO scenario too.

There will inevitably (and should be in order for there to be confidence in the tests) be more failures this time round and Enria will need to ensure there is still confidence in the industry following this.