10 years of parliamentary scrutiny over the Single Supervisory Mechanism - Are current transparency and accountability mechanisms adequate for the next legislative term?

We first discuss why and how banking supervisors should be held accountable for their activities, then consider the case of the ECB/SSM to report on the academic debate on its faults and merits. We also review the main accountability channels between the ECB and the EP, showing how they have been used since 2014. Finally, we outline some possible steps to improve the ECB’s accountability in the short term. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.