The Single Supervisory Mechanism is Put into Operation

When we refer to the Single Supervisory Mechanism, we mean the banking supervision system in Europe, which includes the European Central Bank (ECB) and the national supervisory authorities of the participating countries. Participating countries are the member states of the eurozone and those EU member states that wish to join the Mechanism even if they have not adopted the euro. Its main purpose is to contribute to the safety and soundness of banking institutions, as well as to the stability of the European financial system, and to ensure consistent supervision.
The Single Supervisory Mechanism was established by Council Regulation on October 15, 2013.
On November 4, 2014, the ECB fully assumes supervisory responsibility for banks in the member states participating in the Single Supervisory Mechanism.