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On March 19th, 2013, i.e. less than one year after the first discussions held at the EU Council of June 2012, the EU lawmakers reached an agreement on the Single Supervisory Mechanism (the SSM), transferring to the European Central Bank (the ECB) the supervision of banks operating in the Euro-zone. Given the technical and political nature of the debate inherent to the prudential supervision of banks, it is little to say that concluding an agreement within such a short timeframe is a significant achievement. Depending on the official publication of the legal texts, the SSM will enter into force in the second quarter of 2014.
The SSM constitutes the first block of the Banking Union, which encompasses also a single EU Deposit Guarantee Scheme and a single EU Resolution...
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