|
|
The Memorandum was prepared noting that similar agreement between European Parliament and ECB was signed earlier in November. The Memorandum is to be signed by the President of the Council (ECOFIN), Minister of Finance of Lithuania Rimantas Šadžius on the Council side and President of the ECB Mario Draghi.
The aim is to advance with the establishment of the SSM as quickly as possible. The Council has supported the intention by the Parliament and the ECB to progress rapidly with the first selection procedure for the appointment of the Chair of the Supervisory Board.
The SSM Regulation, adopted by the Council on October 15, contains provisions on the ECB accountability and reporting under the SSM (Article 20) and on the appointment and removal of the Chair and vice-Chair of the ECB Supervisory Board (Article 26). In line with these provisions, the Memorandum foresees more detailed procedures of cooperation between the ECB and the Council.
On 30 November, the Inter-institutional Agreement (IIA) between the ECB and the European Parliament on the implementation of procedures related to the SSM was published in the Official Journal of the EU.