If I only think back at the situation we were in, back in 2012, when the European Council’s decision about the banking union was taken. And in November 2013 the SSM was formally established.It is hard to believe how much progress we’ve made in just a few years. Many highly qualified staff had to be recruited.
A complete supervisory framework had to be designed and be made operational, incorporating the best elements of each nation’s approach to supervision. And a close collaborative relationship with national supervisory authorities developed. It was an astounding achievement, and the ECB deserves much credit for this. 4  Fout! Onbekende naam voor documenteigenschap. We are now in a transitional phase.