Newsletter December 2013: Nouy approved as single supervisor head

BRUSSELS – A meeting of the Economic and Monetary Affairs Committee (ECON) of the European Parliament on 5 December 2013 approved the appointment of Daniele Nouy as the first chair of the European Single Supervisory Mechanism (SSM). The SSM will oversee banks in the 17 countries that have so far signed up to banking union, all of them members of the eurozone. It will directly supervise 128 of the largest banks initially, with the possibility to add any other banks deemed appropriate, and will indirectly oversee all smaller banks in cooperation with national competent authorities.