In view of the mismatch between European oversight and national liability, the different stakeholders’ objectives and interests are unaligned. It is important to consider who is actually looking after financial stability. Four years after the SSM became operational, much has been accomplished. Danièle Nouy, the former chair of the Supervisory Board (2014–18), must be praised for her decisive contribution to this success.
Her perseverance was essential to establish the mechanism’s credibility. As Andrea Enria takes over Nouy’s mandate, now is a good opportunity to reflect on the many achievements of Europe’s crisis management set-up and draw some preliminary lessons from the current (incomplete) architecture.