And it also meant developing administration systems and procedures from scratch. Admittedly, Europe has by now witnessed quite a few very influential developments on a European scale.
But while the European Union developed over decades and the euro was implemented as a common currency over a period of approximately ten years, the Single Supervisory Mechanism, or SSM for short, became a fully fledged and operational organisation after around only two years of preparations. Such a courageous mission could only be ratified under very specific circumstances.