Weidmann says ECB governing council must give up SSM oversight

Jens Weidmann

Bundesbank president Jens Weidmann yesterday said responsibility for the eurozone's single supervisory mechanism (SSM) should be taken away from the European Central Bank's (ECB) governing council, either through a change in the EU treaties or the establishment of an independent supervisory institution separate from the ECB.

The Bundesbank president said the structure of the SSM as is currently envisaged, which would see the ECB governing council responsible for approving decisions made by the

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