ECB takes on role as Europe’s banking regulator
Print Edition
THE European Central Bank assumed its role yesterday as Europe’s banking watchdog under a new system aimed at shoring up the financial system against another euro-threatening crisis.
As banking supervisor, the ECB will directly oversee the eurozone’s 120 largest banks, making up more than 80 percent of total banking assets in the single currency area.
Around 3,500 “less significant” credit institutions will continue to be monitored by the national authorities of the individual eurozone countries but under the broad oversight of the ECB.
The Single Supervisory Mechanism, or SSM, the new watchdog which the Frankfurt-based ECB takes on board, is one of the three main pillars of a future European banking union.
The others are a single banking rule-book and a Single Resolution Mechanism (SRM) in charge of winding up failing banks.
Until now, each member had been supervising its own banks.
But Europe’s long financial crisis that nearly led to the collapse of the euro brought into sharp focus the varying degrees of success of that system.
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