The recent agreement in the trilogue on the single supervisory mechanism (SSM) represents a very important step. It is of crucial importance for the efficient functioning of the euro area and represents a major step forward in European integration. The necessary preparations for the SSM are underway at the ECB.
However, key organisational decisions can only be taken once the legal text has entered into force and the Supervisory Board has been set-up. Therefore the timely adoption of the Regulation by early summer is crucial. We look forward to constructive discussions with the European Parliament on the agreement covering the modalities of accountability and confidentiality on supervisory matters.