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Single Supervisory Mechanism (SSM)

The Single Supervisory Mechanism (SSM) creates a new system of financial supervision comprising the ECB and the national competent authorities of participating EU countries. The ECB assumed its new banking supervision responsibilities on 4 November 2014.

The SSM represents the first step towards the so-called banking union which is expected to include as well a single resolution mechanism and a harmonized system of deposit insurance.

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