Jörg Asmussen, member of the Executive Board of ECB, has spoken on the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). He looked forward to ECB beginning to exercise single supervision in autumn 2014. The preparations include drawing up the model for how the layers of national and European supervision will work together, and carrying out stress tests that "look the whole truth in the face". Regarding the SRM, he called for ECB to have the power to decide when a bank is no longer viable. Given the increased protection of depositors' interests that the SSM, the SRM and the current revision of the Deposit Guarantee Schemes Directive will bring about, Mr. Asmussen believes that the need for a single deposit guarantee scheme is less urgent.

(Source: Towards a Banking Union: the State-of-Play from the ECB's Perspective)