The SSM will be a key element in addressing banking sector risks before they materialize and, like the ECB in the area of monetary policy, lend credibility to national banking supervision by conducting it with a supranational  BIS central bankers’ speeches  1  perspective.
I argue that this is a fundamental change in the culture of how European supervision and resolution are conducted. We move from national efforts to prop up domestic banks to appropriate pan-European supervision, i.e. to a system where the structure of decision making matches the international character of the banks and markets.