ECB’s Constâncio downplays impact of single supervisory mechanism
The European Central Bank (ECB) is well placed to act as the centre of the single supervisory mechanism (SSM), but banking supervision will not undergo radical changes under the new framework, Vítor Constâncio, vice-president of the ECB, said today (October 22).
Constâncio told a committee of the UK parliament via video link it was crucial that the ECB be given overall power for banking supervision. "To have that authority is essential to eliminate the national bias in supervision," he said.
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