On Wednesday, 12th September, the European Commission presented its proposal of a banking union that should stabilize and strengthen the European Monetary Union. So called Single Supervisory Mechanism (SSM) should apply to all euro area banks and countries outside euro area could join it on a voluntary basis. SSM will give ultimate responsibility for specific supervisory tasks to the ECB.
Furthermore, ECB should cooperate closely with the European Banking Authority to ensure smooth implementation of supervisory mechanisms. They should also cooperate to make sure that the supervisory practices are consistent and effective across the whole union. The European Commission believes that the SSM could start functioning from the beginning of 2013. Now it is time for the European Parliament and the Council to address their comments on proposed package.
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20th February 2019
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