Direct supervision of significant banking groups will be undertaken by joint supervisory teams that will comprise supervisors from both the ECB/SSM and National Competent Authorities, thus enabling a fully integrated approach to the supervision of cross-border banks.
They employ more than two-thirds of the workforce and generate around 60% of value added. According to recent research, SMEs accounted for around 85% of total employment growth between 2002 and 2010 and have much higher employment growth rates than large enterprises. The financial crisis hit the financing of SMEs particularly hard.