Where these objectives are not being met, we are taking action to remediate them. This remediation continues to address legacy issue, drive improvements and build greater resilience into the system. The creation of the Single Supervisory Mechanism (SSM) in 2014 is also fundamentally important.
Its creation reflected the European nature of banking failures and has centralised banking supervision across the Eurozone under the authority of the European Central Bank. It has driven greater consistency and intensity of banking supervision and has started to rebuild confidence in the European banking system – albeit there remains some fragility to it.