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European Commission's package for banking supervision

European Commission proposes a package for banking supervision in the Eurozone

The European Commission adopted today a package of proposals to set up a single supervisory mechanism (SSM) that contains:

a legislative proposal for a Council Regulation to give specific tasks related to financial stability and banking supervision to the European Central Bank (ECB);

a legislative proposal for a Regulation of the European Parliament and of the Council designed to align the existing Regulation 1093/2010 on the establishment of the European Banking Authority (EBA) to the modified framework for banking supervision; and

a communication outlining the Commission's overall vision for the banking union, covering the single rulebook and the single supervisory mechanism, as well as the next steps involving a single bank resolution mechanism.

The Commission calls on the Council and European Parliament to adopt today's proposed regulations by the end of 2012, together with the other three components of an integrated "banking union" – the single rulebook in the form of capital requirements (see IP/11/915), harmonized deposit protection schemes (see IP/10/918), and a single European recovery and resolution framework (see IP/12/570).
For more information:
Commission proposes new ECB powers for banking supervision as part of a banking union:
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/953&format=HTML&aged=0&language=EN&guiLanguage=en
State of the Union Address by President Barroso, on Economic and Monetary union:
http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/596&format=HTML&aged=0&language=EN&guiLanguage=en
Closing remarks by President Barroso following the State of the Union 2012 Address and exchanges with MEPs:
http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/600&format=HTML&aged=0&language=EN&guiLanguage=en
FAQ on European Commission-proposed package for banking supervision in the Eurozone
http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/662&format=HTML&aged=0&language=EN&guiLanguage=en
Statement by the Eurogroup President on the German Federal Constitutional Court ruling:
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/132376.pdf


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