The establishment of the European Banking Union, as well as the harmonization of legal frameworks, has significantly changed the exercise of both supervision and resolution in the Euro area. As regards to banking supervision, the Single Supervisory Mechanism endows the European Central Bank with unprecedented supervisory functions. More recently, the Single Resolution Board, as the Commission’s agency, has been set up as a central pillar of the Single Resolution Mechanism. Yet, national authorities remain key actors in the smooth functioning of banking supervision and resolution. The institutional mechanisms put in place foresee a deep coordination between European and national authorities for the dayto day work as well as for the preparation of decisions. As members of the decisionmaking bodies, and bringing the expertise of their ational competences to the table, national authorities have the opportunity to enrich the decision-making process at European level and to contribute to an adequate supervision and resolution framework for the banking industry of 19 countries. The Banking Union has led to a very unique collegial approach proving the strong complementarity of central and national authorities. Thus, both the contribution of European and national levels must be regarded as essential to the operational functioning of the supervision of European banking groups.

EB00000003871K

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