First, in 2014 the Single Supervisory Mechanism (SSM) Regulation came into force, under which the ECB became responsible for the direct supervision of significant credit institutions in the euro area. This has helped produce a more resilient financial system than in 2014, with higher capital ratios and lower leverage.
Monetary Policy Review, South African Reserve Bank, Pretoria, April 2016. International Monetary Fund, 2016. World Economic Outlook, IMF, Washington. April 2016. BIS central bankers’ speeches  5