Abstract

The Single Supervisory Mechanism (SSM), which is the first pillar of the European Banking Union, confers specific tasks and sanctioning powers to the European Central Bank concerning the prudential supervision of credit institutions. The article focuses on the SSM structure and on the supervisory competences and sanctioning powers of the ECB and of the national competent authorities. The SSM provides for a complete and seamless sanctioning system, though some coordination issues may rise at the implementation level.