The EU Council published its proposals for a Single Supervisory Mechanism (SSM) for banks in the Eurozone last month. The SSM is the first pillar of the European Banking Union and grants the ECB direct supervisory powers with respect to the most significant banks in Eurozone countries, as well as with regard to smaller Eurozone banks. We have already sent a legal alert to our clients about this. The legal alert can also be downloaded from our website.
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