Europe steps towards better banking supervision

The new supervisor won’t mean the end of bank failures or bank crises altogether, but it can help reduce the systemic risk imposed by such incidents.

The world’s biggest banking supervisor began operations yesterday when the European Central Bank, in cooperation with 18 national authorities, took on the supervision of the euro area’s banking industry. European banking supervision is the first of the three pillars of banking union, which is often characterised as the biggest undertaking of the European Union since the introduction of the euro. As a true European supervisor, our approach will be to implement best practices for independent, intrusive and forward-looking supervision that will ensure a level-playing field for banks’ operations.



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