Abstract

The paper proposes a preliminary evaluation of the working of the Single Supervisory Mechanism (SSM) after its first year, from key points of view: the framework for the supervisory activity of the European Central Bank (ECB), the development of the day-to-day supervision and the impact on the supervised entities, mainly the significant banks directly supervised by the ECB. Important results have been achieved, but the road ahead is quite challenging for the ECB and its accountability, on the one hand, and for supervised banks and the principle of «level the playing field» on the other hand. In the landscape, a not completed Banking Union is only a partial support for the tasks confronting the ECB and the SSM.