But as many directives define key supervisory powers, it is of utmost importance to agree on common key supervisory instruments that are available to the SSM. Let me just provide one example. Diverging national implementations of the BRRD result in noticeable differences across countries.
The ECB has to be sure that the distinct national requirements are met before it issues, for example, a “failing or likely to fail” verdict. For a “single” supervisor this is a far-from-ideal situation. These few words of caution have all the more weight and relevance as we have had a very successful first year of European supervision.