Prof. Smets discussed the European Union's recently agreed Single Supervisory Mechanism (SSM), which is set to take over supervision of Eurozone banks in November 2014. The ECB's announcement that it will conduct stress testing of banks before assuming supervisory duties is of enormous significance to the Irish banking sector, which, in accordance with its agreement with the Troika, will see five major banks subjected to rigorous review in the coming months. Prof. Smets provided an overview of the SSM and discussed the practical considerations of pan-European supervision.
IIEA
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