Head of the SSM talking to Cypriot paper Politis published today
Nouy, who chairs the Single Supervisory Mechanism (SSM), said a key challenge was to ensure banks were subject to the same supervision and regulation across jurisdictions.
"We need to ensure fully harmonized prudential banking supervision,"
She said the first step had been the introduction of the single rule book, but said that the transposition of the Capital Requirements Directive into national law had led to parts of it being interpreted in different ways, "creating an uneven playing field across the euro area"
Our aim is to establish a unified, integrated and harmonized supervisory framework, and this requires harmonized regulation."
Reuters has more here
On the face of it you'd think one ruling for all would be a must-have from the outset but the problem highlights the red tape and many inequalities that arise when you try and fit such diverse economies into a one-size-fits-all package.
ECB's Nouy - Same rules for all still a major hurdle
