Some larger countries, however, are slow on structural reform. They should be aware of their responsibility for the euro area as a whole. Finally, the establishment of a banking union has been agreed and is now being delivered in stages, starting with the Single Supervisory Mechanism (SSM).
The creation of the SSM will ensure effective supervision and a level playing field for euro area banks across countries, which needs to be commensurate with the high level of banking integration in Europe. On 23 October, we announced the details of the comprehensive assessment that we will undertake in the run-up to the SSM. This assessment will include three components.