10 years ago, the European Central Bank and the national competent authorities of the European Union countries participating in the banking union adopted a single financial supervision system, the Single Supervisory Mechanism (SSM).
Its main aims are to ensure the safety and soundness of the European banking system and to increase financial integration and stability in Europe.
It is the first step towards the so-called “banking union”, of which the Single Resolution Mechanism also forms part, and which is expected to be completed with a harmonised deposit guarantee system.
