Even in the case of banks directly supervised from the centre, the experts from national authorities will be involved in on-site inspections and these and other operations should be conducted in the context of joint supervisory teams headed by ECB´s experts. The success of the SSM will hinge on the knowledge and skills of its human capital.
The Governing Council undertook a series of monetary tightening measures during this period, raising interest rates by a total of 225 basis points. The third phase was the period May 2001 to June 2003 when the euro area found itself in a period of subdued economic growth following a number of global shocks.