Europe takes an important step towards a European banking union

Nicolas Véron 19 December 2012

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The political agreement reached early on 13-14 December by Europe’s finance ministers and heads of state and government makes it highly likely that legislation establishing a Single Supervisory Mechanism (SSM) with the ECB at its centre will be enacted in March 2013. This is a big European success, high up on what was the range of possible outcomes (Council of the European Union, 2012; European Council, 2012).

Key features of the agreement include:

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Topics:  EU institutions

Tags:  European banking union, Single Supervisory Mechanism