The European banking union, a precondition to financial stability and a historical step forward for European integration

Michel Barnier

“Member States have agreed to hand over the key supervisory tasks over their banks to the European Central Bank. This is the first step towards the Banking Union. The ECB will be in a position to detect risks to the viability of banks. And require banks to take the necessary actions. (...) This Single Supervisory Mechanism (SSM) will be a great asset for financial stability in Europe”. Speech by Commissioner Barnier at the EU–US Transatlantic Corporate Governance Dialogue, National Bank of Belgium