SSM to Come Into Force by End of 2014

On 14 October 2013, the European Central Bank (ECB) published a speech given by its President, Mario Draghi, on 12 October 2013 regarding the Euro area economic outlook, ECB monetary policy and current policy challenges.

The speech was wide-ranging, but touched upon progress made to date in establishing European banking union.  Mr Draghi welcomed the approval of the single supervisory mechanism (SSM) by the European Parliament on 12 September and looked forward to its “urgent adoption” by the EU Council later this month, with a view to the ECB adopting its new supervisory role by November 2014.  In addition, Mr Draghi supported the establishment of the single resolution mechanism (SRM), “a necessary complement to the SSM”, by the end of 2014.