As regards real convergence, I use the term here in the sense of the synchronicity of business cycles. The Governing Council of the European Central Bank sets a monetary policy appropriate to the euro area as a whole.
A recent evaluation by the European Commission finds that the SSM (Single Supervisory Mechanism) provides good quality and proactive banking supervision. [30] Cooperation between national and European supervision is working well and thereby creating trust. Throughout Europe, events are planned to mark this anniversary, from an exhibition to international research conferences and workshops. 4 Conclusion Banks are doubly impacted by structural change.