Europe Reaches Agreement on Banking Supervisor: Curse or Blessing?

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Corporate Governance > Best Practices > Europe Reaches Agreement on Banking Supervisor: Curse or Blessing?

Europe Reaches Agreement on Banking Supervisor: Curse or Blessing?
Jaap de Jonge, Editor, Netherlands

On 12-12-2012, the European Economic and Financial Affairs Council (the Ministers of Finance of the European Union (EU)) reached an agreement on 2 proposals aimed at establishing a Single Supervisory Mechanism (SSM) for the oversight of EU banks ('credit institutions'). The European Central Bank will play a central role in this new system targeted at Europe's largest financial institutions, as will the European Banking Authority. All banks having total assets of over 30 billion (around 200 banks) will be subject to this new supervisory system. But the supervisor could also take action towards smaller banks, when it considers that necessary. The ECB's monetary tasks would be strictly separated from supervisory tasks to eliminate potential conflicts of interest between the objectives of monetary policy and prudential supervision. To this end, a supervisory board responsible for the preparation of supervisory tasks would be set up within the ECB. The ECB wi (...) Read more? Sign up for free
 

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