Hence, in the decision making as well as in the internal ECB organization, separation of the monetary policy and supervisory functions will be realized. During 2013 and 2014 also the ECB supervisory organization will be staffed and start their operation.
Of particular relevance for the credible start of the SSM will be the Balance Sheet Assessment (BSA) –project, making sure that all major problems in asset quality are wellknown and sufficiently addressed before the operational start of the SSM. The BSA will also link with pan-European stress tests conducted in close cooperation between the EBA and the SSM during spring 2014.