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On 12 September 2012, the European Commission presented its proposal for a Single Supervisory Mechanism (SSM), as a first step of a Banking Union: comprising a regulation setting out the transfer of powers and duties for the prudential supervision of banks to the European Central Bank (ECB), and a regulation amending the existing European Banking Authority (EBA) regulation to fit with the proposed new mandate of the ECB.

The Commission published, alongside the two proposals for regulations, a Communication entitled “A Roadmap towards a Banking Union”. Therein, it suggests two other potential elements to complete the Banking Union: A common system for deposit guarantees and an integrated crisis management framework. Once agreement on the existing DGS and Bank Recovery and Resolution proposals is achieved, the Commission envisages to propose notably a single resolution mechanism to resolve banks and to coordinate the application of resolution tools to banks under the banking union.

EPFSF Briefing: "Towards a European Banking Union"

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