In response to the financial crisis that emerged in 2008, the European Commission pursued a number of initiatives to create a safer and sounder financial sector for the European Single Market. These initiatives, which include stronger prudential requirements for banks, improved depositor protection and rules for managing failing banks, form a single rulebook for all financial actors in the 28 Member States of the European Union. Furthermore, on the basis of the roadmap for the creation of the Banking Union, the EU institutions agreed to establish a Single Supervisory Mechanism and a Single Resolution Mechanism for banks.
The last pieces of the European Banking Union are being put into place at last, and Member States can slowly start looking at their implementation. For the moment only the Eurozone Member States are members of the Banking Union, but it will nevertheless affect the whole EU and beyond as the responsibility for European Banks shift from the national to EU level.
We have the pleasure of welcoming Ms. Bodil Nielsen, Head of Unit 1B, General Secretariat of the Council of the European Union, and we will have the opportunity to understand the implications of this new set of rules. Focuses of the discussions are: the theme of the implementation, the SSM Framework Regulation and its effects on relations between the ECB and NCAs, long-term outcomes.
Bodil Nielsen is Head of Unit in the General Secretariat of the Council of Ministers. She is responsible for financial services and has assisted the special working parties that elaborated the proposals on the Single Supervisory Mechanism and the Single Resolution Mechanism.
Head of Unit 1B | General Secretariat of the Council of the European Union