This report is one of two reports which make up the Single Supervisory Mechanism (SSM) package. The Commission proposed to adapt the current legislative framework of the European Banking Authority, to take into account the impact and consequences of European Central Bank regulation, notably on decision-making processes for countries participating in the SSM or not.
The SSM is the first and vital step towards a fully-fledged banking union and breaking the vicious circle between private and sovereign debt. But it also needs a resolution framework, including a European single resolution fund and a deposit guarantee scheme – still stuck at Council level. This agreement is a major achievement for our Group and will offer better accountability and transparency than the original Commission proposal, particularly as the European Parliament will be able to approve the appointment of supervisory board members and will have greater access to documents.