Vítor Constâncio, vice-president of the European Central Bank (ECB), today set out the main immediate tasks of the single supervisory mechanism (SSM), which he said is made necessary by the ‘financial trilemma': the impossibility of having financial stability, financial integration and national financial policies, especially supervision, in an environment with globalised financial markets.
Constâncio said the SSM is "a key component, but it is only one component of the banking union". In particu
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