ECB accuses Germany of obstructing supervisory role

The European Central Bank (ECB) criticised Germany on 9 September 2015 over a draft law regarding the regulation and management of its banking sector.

The German draft law transfers responsibility for the provision of risk management and bank bail-out plans to the Federal Ministry of Finance, whereas previously that was the task of the Federal Financial Supervisory Authority (BaFin).

The ECB considered that such law would create obstacles to its supervisory role. This institution has been responsible for supervising the Eurozone's 123 largest banks since Autumn 2014. Of these, 21 are German. Its Single Supervisory Mechanism (SSM) comprises the ECB and the national supervisory bodies of the monetary union.

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