We have introduced plenty of reforms and are now beginning to reap the rewards. Above all, major steps have been taken to deepen integration in Europe’s financial systems – in particular the continent’s banking system. The SSM can look back on a very successful first year indeed, and it will contribute to a more stable financial landscape. However, our work is far from over.
Yes, the launch of the Single Resolution Mechanism is just around the corner; but when it comes to the regulatory  4  BIS central bankers’ speeches  treatment of sovereign debt and the capital markets union, there are still many challenges to resolve.