Europe: establishing the single supervisory mechanism

Vítor Constâncio, the vice president of the European Central Bank, delivered a speech yesterday concerning the single supervisory mechanism: see here. After explaining the reasons for introducing the SSM, he outlined how supervision by the European Central Bank of banks in participating countries would operate. He also explained, in the context of the ECB's macro-prudential role, that political agreement was expected soon in respect of the CRD IV.