ICYMI: Special Report on the Single Supervisory Mechanism by the European Court of Auditors

The European Court of Auditors (‘ECA’) published, pursuant to Article 287(4) TFEU, its 29^th Special Report entitled: ‘Single Supervisory Mechanism - Good Start but Further Improvements Needed’.

The report examines how the European Central Bank (‘ECB’) set up the Single Supervisory Mechanism (‘SSM’), how it has organized its work, and which challenges it faces. It finds that the complexity of the SSM is a concern because it remains too heavily dependent on the resources of the national supervisors. As such, despite its overall responsibility, the ECB has insufficient control over some important aspects of banking supervision.

The full text of the report can be found here.