In this vein, a study for the European Commission estimated that financial development that brought the European financial system close to U.S. norms might add almost a percentage point to the growth of value added in manufacturing in the European Union (Giannetti et al., 2002).
1/2  BIS central bankers' speeches  What is your opinion of the Single Supervisory Mechanism (SSM)? Has it been successful? What challenges do you still see? Yes, I think it has been successful. The creation of the SSM in 2014 contributed to an increase in the capital ratio of euro area banks.