The European Central Bank (ECB) published its first annual report on Tuesday, 31st March 2015, in relation to the Single Supervisory Mechanism (SSM), outlining its approach to discharging its supervisory functions. The report reviews the key achievements in setting up the SSM and the start of ECB Banking Supervision. It further outlines the supervisory priorities for 2015 and the main challenges ahead.
The Single Supervisory Mechanism (SSM) is a system of financial supervision comprising the European Central Bank (ECB) and the national competent authorities of participating EU countries. The main aims of the SSM are to ensure the safety and soundness of the European banking system and to increase financial integration and stability in Europe.