Report on the Single Supervisory Mechanism established pursuant to Regulation (EU) No 1024/2013

As highlighted by President Juncker in his State of the Union Address on 13 September 2017, the Banking Union must be completed if it is to deliver its full potential as part of a strong Economic and Monetary Union. Together with the Capital Markets Union (CMU), a complete Banking Union will promote a stable and integrated financial system in the EU. It will increase the resilience of the Economic and Monetary Union towards adverse shocks by substantially facilitating private risk-sharing across borders, while at the same time reducing the need for public risk-sharing.

The Commission roadmap envisaged three Pillars for the Banking Union: a single supervisory mechanism, a single resolution mechanism for banks and a common system for deposit guarantees.

This report provides an assessment of the setting up and functioning of the SSM, in view of determining its effectiveness as the first pillar of the Banking Union. It is part of a broader assessment of the progress achieved in relation to the Banking Union, as set out in the Commission Communication on Completing the Banking Union. The report also represents the first review by the Commission of the application of the SSM Regulation.

• Primary Source

EUR-Lex: SWD(2017)336: Commission Staff Working Document accompanying the report http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2017:336:FIN

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