These two channels correspond to the two main elements of Banking Union: the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM).
The SSM should be established later in 2013 and start operating twelve months later as a single system, with a common supervisory manual applying to all participating banks, and the  1  See the ECB’s Monthly Bulletin of June 2013, “Box 4: Recent developments in spreads on corporate bonds issued by euro area non-financial corporations”.