Establishing a level playing field for banks across borders is the "novel challenge" for the eurozone's Single Supervisory Mechanism, Ignazio Angeloni, a member of the European Central Bank's supervisory board, said at a conference at the London School of Economics yesterday.

"A basic criterion for defining the level playing field in our context [should] be identified as a condition in which banks transmit, at the margin, the same amount of risk to taxpayers, regardless of the jurisdiction they