Bold and effective implementation is not just in the interest of the individual countries, it is also key for strengthening the resilience of the Economic and Monetary Union and for supporting growth at the global level. One domain in which the euro area has been bold and determined concerns the financial sector, and more in particular the banking sector.
Indeed, important further progress on the road to banking union has been made since our previous IMFC meeting. The ECB’s legal, governance and organisational infrastructure that, as of 4 November, will support the operations of the Single Supervisory Mechanism (SSM), is close to being completed. The Supervisory Board has been fully operational since the start of this year, helping to steer this process.