A single monetary policy calls for integrated financial markets, and that includes the banking union. The banking union is set to become a reality on 4 November this year – at least in the form of the European Single Supervisory Mechanism (SSM). The second pillar of the banking union – the European Single Resolution Mechanism (SRM) – does not come into play until 2016.
The third pillar – a joint European deposit guarantee scheme – has been shelved for the time being. But the main topic I would like to discuss with you today is the Single Supervisory Mechanism. 2. The world pre 4 November  Much remains to be done before the SSM can set to work on 4 November.