Press Release: Council approves single supervisory mechanism for banking

The Council on 15 October 2013 adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing one of the main elements of Europe's banking union.

The single supervisory mechanism (SSM) will be composed of the European Central Bank (ECB) and the supervisory authorities of the member states. It will cover the euro area as well as non-eurozone countries that choose to participate. The ECB will have direct oversight of eurozone banks, although in a differentiated manner and in close cooperation with national supervisory authorities. It will be responsible for the overall functioning of the SSM.

• Primary Source

ESO: Background information: Statement by President Barroso and Commissioner Barnier following the European Parliament's vote on the creation of the Single Supervisory Mechanism for the eurozone http://www.europeansources.info/record/memo-statement-by-president-barroso-and-commissioner-barnier-following-the-european-parliaments-vote-on-the-creation-of-the-single-supervisory-mechanism-for-the-eurozone/

European Commission: RAPID: Speech, SPEECH/13/899: Statement by President Barroso and Commissioner Barnier following the Council's final approval of the creation of the Single Supervisory Mechanism for the eurozone http://europa.eu/rapid/press-release_MEMO-13-899_en.pdf

ESO: Background information: Ministers at odds on bank rescue rules http://www.europeansources.info/record/ministers-at-odds-on-bank-rescue-rules/

ESO: Background information: Press Release: Economic and Financial Affairs Council, Luxembourg, 15 October 2013 http://www.europeansources.info/record/press-release-economic-and-financial-affairs-council-luxembourg-15-october-2013/

EurActiv, 16.10.13: Germany digs in heels as EU moves towards banking union http://www.euractiv.com/euro-finance/germany-digs-heels-eu-moves-bank-news-531125

ESO: Background information: Banks in distress and Europe’s competition regime: On the road to the Banking Union http://www.europeansources.info/record/speech-banks-in-distress-and-europes-competition-regime-on-the-road-to-the-banking-union/

Deutsche Welle, 15.10.13: EU banking union clears first hurdle http://dw.de/p/1A0Oo

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