The Banking Union comprises three key components: a single supervisory mechanism (SSM), centred on the ECB and based on the expertise of national supervisory authorities; a single resolution mechanism (SRM), which is central to ensuring that the responsibilities of supervising banks and managing their recovery or resolution are effectively aligned; and a harmonized deposit guarantee fund financed by the industry, whose mission is to prevent bank runs.
I,  therefore,  call  upon  other  key  stakeholders, including schools, NGOs, trade and credit unions, social  clubs,  consumer  watch  dogs  and  professional  counsellors to intensify public education on financial matters.