In line with the EU’s institutional framework, national governments have done most of the initial heavy lifting. Euro area governments have so far adopted measures worth about 4.5% of GDP 1/4  BIS central bankers' speeches  and loan guarantees equivalent to another 20% of GDP.
The SSM does not, however, mean less work for us, but rather more work, inasmuch as the procedures of the SSM require a further expansion of our bank supervisory staff as well as a reorganisation of their function.