In particular, the ECB supports the Commission’s announcement to present a legislative proposal for a single resolution mechanism, having at the centre a resolution authority. Such arrangements are an important complement of the SSM and should be in place when the SSM would be fully operational.
The relative importance of banking systems vis-à-vis financial markets as a source of corporate finance still varies in the euro area economies. So, consequently, does monetary transmission, although not to a degree that would hamper the single monetary policy. BIS Review 54/2001  1  On the contrary, we see euro-area-wide disintermediation generating further convergence towards a truly European monetary transmission mechanism.