The European Commission has published a report that assesses the functioning of the single supervisory mechanism (SSM). The report also represents the first review by the Commission of the Regulation establishing the SSM (the SSM Regulation).
The Commission comes to an overall positive assessment of the application of the SSM Regulation, with no major changes needed to the legal framework at this stage. The Commission feels that the shortcomings identified in the report may be corrected mainly through actions to be taken by the European Central Bank or through amendments to relevant Union law.
The report focuses on the most important aspects of the functioning of the SSM and covers five key themes:
- the governance of the SSM;
- the key tools developed by the European Central Bank (ECB) to perform its supervisory tasks;
- the performance of supervisory tasks by the ECB;
- the interaction with relevant EU and international bodies; and
- the cost-effectiveness of the SSM.
View European Commission report on single supervisory mechanism, 22 October 2017