Second, accountability and sovereignty also need to be proportionate in areas that are not exclusively dealt with at EU level but of shared competence. For instance, more specific arrangements within our accountability framework have been established for banking supervision.
Although the SSM Regulation and interinstitutional arrangements focus mainly on relations with the European Parliament and the EU Council, the SSM Regulation also provides for specific reporting requirements to national parliaments. This reflects the significant potential impact of microprudential supervision on banks, their customers and public finances at national level and justifies ad hoc reporting at different levels.