The Council today1 adopted a decision appointing Danièle Nouy as the first-ever chairperson of the supervisory board of the European Central Bank.
The ECB will have direct oversight of eurozone banks under the single supervisory mechanism (SSM) – one of the key elements of Europe's banking union – and will be responsible for the overall functioning of the SSM. It will carry out its supervisory tasks in a differentiated manner, in close cooperation with national supervisory authorities.
The regulations establishing the SSM were adopted on 15 October2.
The supervisory board will undertake the planning and execution of the supervisory tasks conferred on the ECB. It will be composed of the chairperson, a vice-chairperson, four representatives of the ECB and one representative of the national supervisory authority of each participating member state. The board's draft decisions will be deemed adopted unless rejected by the ECB governing council.
The SSM will cover the euro area as well as non-eurozone member states that choose to participate.
The ECB will take up its supervisory tasks on 3 November 2014, subject to operational arrangements. Mrs Nouy will take up her duties on 3 January; the supervisory board is expected to hold its first meeting in January.
The ECB's proposal for Mrs Nouy's appointment was approved by the European Parliament on 11 December.
1 At a meeting of the Agriculture and Fisheries Council, without discussion.
2 See press release: 14044/13.