Memo: Statement by President Barroso and Commissioner Barnier following the European Parliament’s vote on the creation of the Single Supervisory Mechanism for the eurozone

José Manuel Durão Barroso, President of the European Commission and Commissioner Michel Barnier expressed their satisfaction with the European Parliament vote on the Single Supervisory Mechanism.

The European Parliament voted on 12 September 2013 to set up the Single Supervisory Mechanism (SSM), the first leg of the Banking Union and one of the pre-conditions for direct recapitalisation by the European Stability Mechanism (ESM).

• Primary Source

European Commission: RAPID: Memo, MEMO/13/780: Legislative package for banking supervision in the Eurozone – frequently asked questions http://europa.eu/rapid/press-release_MEMO-13-780_en.pdf

ESO: Background information: EU negotiators agree on bank supervision http://www.europeansources.info/record/eu-negotiators-agree-on-bank-supervision/

European Parliament: Press Release, 12.09.13: Green light for single supervisor for banks http://www.europarl.europa.eu/news/en/news-room/content/20130906IPR18829/html/Green-light-for-single-supervisor-for-banks

EurActiv, 13.09.13: Europe clears critical hurdle on road to banking union http://www.euractiv.com/euro-finance/europe-clears-critical-hurdle-ro-news-530436

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