I am hoping that European supervision, in teams of supervisors from various nations, will provide a new approach which incorporates the best elements of each nation’s approach to supervision. This new approach will leave no room for a “home biased” supervisory regime. However, the SSM also has some major weaknesses, and I would like to single one out for particular emphasis.
It has to do with the fact that the final say on central decisions taken by the ECB – and thus also in the SSM – rests with the Governing Council of the ECB.