Banking Union: Progress Made, but the Devil Is in the Details

In: Cigionline.org

The March 20, 2014 agreement on the Single Resolution Mechanism (SRM) is a major step toward repairing the euro area’s financial architecture. The SRM is the second pillar of the blueprint for banking union, following agreement on the Single Supervisory Mechanism (SSM), which will take effect when the European Central Bank (ECB) takes over the supervision of systemic banks in November 2014. Both pillars are needed to align banking supervision and resolution at a central level, thus avoiding any tensions between EU-level supervision and national resolution schemes.

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