Commenting on the entry into force of the Single Supervisory Mechanism (SSM) today, Simon Lewis, Chief executive of the Association for Financial Markets in Europe (AFME), said:
“AFME and its Members welcome today’s start of the Single Supervisory Mechanism (SSM). This marks an important moment in what has been a remarkable phase in the development of Europe’s bank supervisory architecture.
“As a central component of Banking Union, the SSM should make a major contribution to the further integration of Europe’s financial markets, to securing the stability of the Eurozone, and to fostering economic growth. The SSM has the potential to enhance the quality and consistency of cross-border supervision in Europe.
“It is important that the establishment of the SSM contributes to more integrated financial markets across Europe as a whole, and not just in the Banking Union area. To this end, it is essential that the European Banking Authority (EBA) continues strongly with its work to achieve convergence of the practices of the ECB and national supervisors – including through the development of a European Supervisory Handbook.”