EBF has published a position paper on the proposed Council regulation for establishing ECB as single prudential bank supervisor for Eurozone Member States and those others that opted in, and on the amendments to the European Banking Authority (EBA) Regulation. Along with calls for effective checks to the Eurozone block’s sway at the ECB and EBA, EBF raises other important issues that legislators must address:
- if ECB becomes macro-prudential supervisor, its accountability and the role of the European Systemic Risk Board (ESRB) will need reviewing; and
- colleges of supervisors will need to function properly as long as home-host supervision arises whenever a country not participating in the single supervision mechanism (SSM) is involved.
(Source: EBF Position Paper on SSM)