Author (Corporate) | Council of the European Union: General Secretariat |
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Series Title | Press Release |
Series Details | PRES/13/389 (15.10.13) |
Publication Date | 15/10/2013 |
Content Type | Legislation, News |
The Council on 15 October 2013 adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing one of the main elements of Europe's banking union. The single supervisory mechanism (SSM) will be composed of the European Central Bank (ECB) and the supervisory authorities of the member states. It will cover the euro area as well as non-eurozone countries that choose to participate. The ECB will have direct oversight of eurozone banks, although in a differentiated manner and in close cooperation with national supervisory authorities. It will be responsible for the overall functioning of the SSM. |
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Source Link | Link to Main Source http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/139012.pdf |
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Subject Categories | Business and Industry, Politics and International Relations |
Countries / Regions | Europe |