Key highlights from the presentation of Sabine Lautenschläger, Vice-Chair of the Supervisory Board & Member of the Executive Board, titled "European banking supervision, global cooperation and challenges for banks:"
- The Single Supervisory Mechanism (SSM) is one of the largest banking supervisory authorities in the world
- Currently 125 banking groups in 19 countries are under direct ECB supervision
- Banking assets under direct and indirect ECB supervision amount to more than 26 trillion Euros
- Unjustified regulatory fragmentation in the euro area runs counter to the idea of a European banking union
- Unjustified regulatory fragmentation in the euro area creates bureaucracy and increases costs.