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Legal foundations of the Single Supervisory Mechanism - a retrospective look at future challenges

· Ignazio Visco, Governor of the Banca d'Italia (Italy)

Summary written by Dark Majestic in its own words · topics: financial stability, banking regulation and supervision, public finances and debt

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· Ignazio Visco Wiki · Banca d'Italia WikiLegal foundations of the Single Supervisory Mechanism - a retrospective look at future challenges

ContextOpening address by Ignazio Visco, Governor of the Bank of Italy, at the "SSM Regulation, ten years since" conference, organised by the Bank of Italy in cooperation with the University of Rome "Roma Tre" and the Paolo Ferro-Luzzi "Grandangolo" Research Centre, Rome, 20 October 2023.

Why it mattersVisco reviews the legal basis of common bank supervision and its limits.

Problems raised
  1. The sovereign debt crisis revealed weaknesses in bank supervision.
  2. Banking stress was severe after the global financial crisis.
  3. Legal foundations of the SSM face future challenges.
Solutions proposed
  1. Build on the Single Supervisory Mechanism created under Article 127(6).
  2. Complete the banking union.
  3. Adapt supervision to new risks.
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