The establishment of the Single Supervisory Mechanism in autumn 2014 will be an important milestone towards a banking union in Europe. The banking union is one of the four building blocks towards a genuine Economic and Monetary Union.
The banking union aims at building an integrated financial framework to safeguard financial stability and minimise the costs of bank failures. It will be composed of the Single Supervisory Mechanism and new integrated frameworks for deposit insurance and the resolution of credit institutions.
The banking union will be based on a comprehensive and detailed single rulebook for financial services. The European Banking Authority (EBA) has the competence to further develop this single rulebook and monitor its implementation.
|11 Feb. 2014||Sabine Lautenschläger appointed as Vice-Chair of the Supervisory Board
The EU Council appointed Ms Sabine Lautenschläger as Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism for a five-year term of office starting on 12 February 2014. As required by the SSM Regulation, the Vice-Chair was chosen from among the members of the ECB’s Executive Board.
|16 Dec. 2013||Danièle Nouy appointed as Chair of the Supervisory Board|
|12 Dec. 2013||Memorandum of Understanding between the Council of the European Union and the ECB comes into force
The Memorandum covers practical aspects of the exercise of democratic accountability of the supervisory tasks of the ECB vis-à-vis the Council.
|7 Nov. 2013||Interinstitutional Agreement between the European Parliament and the ECB comes into force
The Interinstitutional Agreement covers practical aspects of the exercise of democratic accountability of the supervisory tasks of the ECB vis-à-vis the European Parliament.
|3 Nov. 2013||Regulation on the Single Supervisory Mechanism comes into force
The ECB will assume its full supervisory tasks on 4 November 2014, i.e. 12 months after the Regulation enters into force.
|15 Oct. 2013||EU Council adopts Regulation on the Single Supervisory Mechanism
The EU Council adopts the Regulation conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions. The Regulation creates a Single Supervisory Mechanism for credit institutions in the euro area and, potentially, other EU Member States, as one of the main elements of Europe's banking union.
|12 Sep. 2013||European Parliament adopts the European Commission’s proposals
European Parliament adopts the European Commission’s proposals to set up a Single Supervisory Mechanism.
In parallel, Mario Draghi, President of the ECB, and Martin Schulz, President of the European Parliament, sign a declaration committing both institutions to formally conclude an Interinstitutional Agreement on the practical aspects of the exercise of democratic accountability and oversight of the tasks conferred on the ECB within the framework of the Single Supervisory Mechanism.
|18 Apr. 2013||EU Council confirms agreement with the European Parliament
on the establishment of a Single Supervisory Mechanism for the euro area.
|19 Mar. 2013||EU Council, European Commission and European Parliament reach agreement
EU Council, European Commission and European Parliament reach agreement on the creation of a Single Supervisory Mechanism for the euro area. Press release by the European Commission
|14 Dec. 2012||European Council welcomes the agreement
The European Council welcomes the agreement on the creation of the Single Supervisory Mechanism for the euro area and calls on EU lawmakers (EU Council, European Commission and European Parliament) to agree quickly so that the plans can be implemented as soon as possible. Conclusions of the European Council
|13 Dec. 2012||ECOFIN Council agrees on European banking supervision
The ECOFIN Council (EU ministers of economics and finance) agrees unanimously on the European Commission’s proposal. Press release from the ECOFIN Council [en]
|5 Dec. 2012||“Four Presidents’ Report”
The Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup present the report Towards a genuine Economic and Monetary Union.
The report sets out a road map for the creation of a genuine Economic and Monetary Union and builds on the vision presented by Herman Van Rompuy, President of the European Council, in June 2012.
|27 Nov. 2012||European Central Bank broadly welcomes the European Commission’s proposals|
|12 Sep. 2012||European Commission presents legislative proposals
European Commission presents draft regulations and communications to set up the Single Supervisory Mechanism. These include:
|29 Jun. 2012||Euro area summit statement
Euro area Heads of State or Government decide to establish a Single Supervisory Mechanism for banks and assign specific supervisory tasks to the ECB. Euro area summit statement
|26 Jun. 2012||European Council: Towards a genuine Economic and Monetary Union
The report Towards a genuine Economic and Monetary Union by the President of the European Council, advises the establishment of a banking union and sets out a vision for the future of Economic and Monetary Union and how it can best contribute to growth, jobs and stability.
|30 May 2012||European Commission calls for a banking union
The European Commission promotes the move towards an integrated financial supervision to restore confidence in banks and the euro. Communication from the European Commission