However, progress on the  4  BIS central bankers’ speeches  other three pillars to accompany Monetary and Banking Union – fiscal, economic and political union – is also needed. Establishing the SSM I would like to use the opportunity to address in more detail two issues related to the establishment of the SSM.
As mentioned before the ECB will conduct a comprehensive assessment of banks’ balance sheets before officially taking up the new supervisory task. This exercise will include three components. The first is a supervisory risk assessment addressing key risks in the banks’ balance sheets, including liquidity, leverage and funding.