The Single Supervisory Mechanism for Banks in the EU
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In the autumn of 2012, EU leaders decided to take decisive action to tackle the financial market crisis and called for the establishment of a Banking Union.
The most immediate priority was a Single Supervisory Mechanism (SSM) for Eurozone banks, under which the European Central Bank (ECB) would be given extensive micro- and macro-prudential powers over all of the Eurozone’s 6,000 banks.
This paper, produced by the Deloitte EMEA Centre for Regulatory Strategy, looks at the background and intended objectives of setting up the SSM and explores some of the challenges likely to be faced by both the ECB and the supervised banks.