Within the Single Supervisory Mechanism (SSM), composed of the European Central Bank and national competent authorities, the European Central Bank carries out its supervisory tasks. The European Central Bank is responsible for the effective and consistent functioning of the SSM, with a view to carrying out intrusive and effective banking supervision, contributing to the safety and soundness of the banking system and the stability of the financial system.
In pursuing our objectives, we in the SSM attach utmost importance to credibility and accountability. In performing our tasks we are transparent while fully observing the applicable confidentiality requirements. We aim for effective communication with the citizens of Europe. We are committed to conducting our relations with European and national authorities in full accordance with the relevant law and with due regard to the principle of independence.
We develop a supervisory approach that meets the highest international standards. We will implement the EU policies on the prudential supervision of banks in a coherent and effective manner, based on a best practice framework for independent, forward-looking and risk-based supervision. We respect the principle of proportionality, the unity and integrity of the internal market and the public interest. We observe good governance and perform our tasks in a spirit of cooperation and teamwork.