Our current estimate is that we will directly supervise around 130 banking groups operating in the euro area which covers approximately 85% of euro area bank assets. Second, we are developing a common supervisory model, which lays down how the different layers of SSM – national supervisors and the ECB – will work together.
This represents a small downward revision of the GNP forecast of 1¾ per cent (GDP 3¾ per cent) in the Spring Bulletin; the revision reflects the postponement of a global recovery. Our GNP forecast is an improvement on last year, but it is still well below potential growth.