These became what is known as the 2/3  BIS central bankers' speeches  single rulebook – a single framework for financial institutions in all 28 EU countries. But writing the rules was not enough. So, the second step was to build European banking supervision. And so the Single Supervisory Mechanism, or SSM for short, was created.
It is made up of the ECB and the national supervisors of the 19 euro area countries. The ECB directly supervises the largest banks in the euro area. Smaller banks are still supervised at the national level, but in close cooperation with the ECB. Our job is to contribute to a healthy and resilient banking system.