The timetable for implementation  The ECB has stepped up the preparatory work for the establishment of the SSM in close cooperation with national supervisors. The preparations are steered by a High-Level Group, chaired by the ECB President, which discusses the main strategic lines. On the technical level, a Task Force on Supervision is conducting the preparatory work.
The nature of EMU makes macroeconomic adjustment in the euro area more complex than in a federal state. Monetary policy is a competence assigned at EU level. The European Central Bank’s price stability objective is enshrined in the Treaty.