This report on the European Central Bank (ECB) is one of two Reports comprising the Single Supervisory Mechanism package - the other being the Giegold Report on the European Banking Authority (EBA). The deal represents a significant achievement for our Group, as we retained all the important elements in the ECON text after the negotiations in Trilogue.
The Single Supervisory Mechanism is a first and vital step towards a fully fledged banking union and one which has the potential to break the vicious circle between private and sovereign debt. But it should now be complemented by a resolution framework including a European Single Resolution Fund and a deposit guarantee schemes mechanism.
The agreement will ensure better accountability and transparency than did the original proposal from the Commission. The European Parliament will now be able to approve the appointment of the heads of supervision and will have greater access to documents. This is a major achievement for our Group.