Taking on supervisory tasks is a significant new responsibility for the ECB, and comes with appropriate accountability requirements.
Accountability is essential for the transparency, legitimacy and independence of supervisory decisions.
European Parliament and EU Council
The SSM Regulation sets out a comprehensive and robust accountability framework. How the accountability requirements are to be fulfilled in practice is clarified in:
- an Interinstitutional Agreement between the European Parliament and the ECB
- a Memorandum of Understanding between the EU Council and the ECB
|Main channels of accountability|
|Hearings and exchanges of views||The Chair of the Supervisory Board attends regular hearings and exchanges of views in the European Parliament, and in the Eurogroup in the presence of all Member States participating in the SSM.|
|Written questions||Members of the European Parliament and the Eurogroup can address written questions to the Chair of the Supervisory Board.|
|Annual reports||The ECB submits annual reports on how it has carried out its supervisory tasks to the European Parliament, the EU Council, the Eurogroup, the European Commission and the national parliaments of participating Member States.|