AFCO I

AFCO-I

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Committee on Constitutional Affairs I (AFCO I):

The creation of a powerful institution with monetary and supervisory powers at the heart of Europe: which role should the European Central Bank (ECB) best play in the Single Supervisory Mechanism (SSM) and how can effective, fair, transparent and democratically accountable supervision of the European banking sector be guaranteed?

Committee Article

The purpose of the proposed Single Supervisory Method is to allow the European Central Bank to take on the main supervisory role over all Euro-area banks. This is without question a massive increase in the role of the ECB, which has already been tasked with controlling interest rates and maintaining price stability across the Eurozone. There are around 6,000 banks in the Eurozone and a key question to be answered is how the ECB can provide effective oversight of all of these. However one should bear in mind that in such interlinked economies the same set of rules and regulation seems the fairest and most effective form of governance.

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