However, key organisational decisions can only be taken once the legal text has entered into force and the Supervisory Board has been set-up. Therefore the timely adoption of the Regulation by early summer is crucial. We look forward to constructive discussions with the European Parliament on the agreement covering the modalities of accountability and confidentiality on supervisory matters.
We are confident we will be able to strike the right balance between thorough democratic accountability, confidentiality, operational effectiveness and the respect of the ECB’s independence. Another priority is the establishment of a single resolution mechanism. This is a necessary complement to the SSM and fundamental to the creation of a banking union.