European Parliament greenlights SSM

European Central Bank at night

The European Parliament today voted to hand the European Central Bank (ECB) the power to supervise the continent's biggest banks in a bid to prevent a repeat of the financial crisis bail-outs.

Under the single supervisory mechanism (SSM), the ECB will be responsible for evaluating Europe's systemically important financial institutions (Sifis) principally through stress tests and balance-sheet assessments.

Speaking at an event in Riga, Latvia, shortly after the vote, ECB president Mario Draghi an

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