News

UNI Europa Finance welcomes this move in the right direction: A single supervisory mechanism could help create a more just and transparent banking system. Especially the strengthened role of the European Parliament is a very positive signal.

Since the very start, UNI Europa Finance has demanded for trade unions to be consulted on the concrete implementation of the SSM. UNI Europa Finance meets the ECB presidium on a regular basis in the frame of the social dialogue in the European System of Central Banks and has used this forum to voice its concerns. In order to cover all the different practical and political aspects of SSM implementation, a profound involvement of trade unions and the knowledge and skills of central banks’ staff is essential to make it a success.



Bank supervision being centralised at the ECB in Frankfurt will mean an increased need for staff and a big shift of power between Frankfurt and the national central banks/national supervisory authorities. Staff recruitment, training and staff secondment from national central banks at a large scale will be on the ECB’s agenda now. This is not only a challenge for Human Resources management but also a political shift. Trade unions must be involved in this process.

The introduction of the SSM will change the character of the European System of Central Banks (ESCB). In contrast to monetary policy, supervisory activities entail daily cooperation between the ECB and NCBs and a high frequency of joint decision making. Moreover, the work will be politically charged due to its direct impact on jobs and business. This entails a challenge to the ESCB’s independence. A rushed implementation of the SSM could endanger reputation and authority of the ECB and ESCB.



So far, the call for trade union consultation has remained unanswered by the ECB. UNI Europe Finance will continue to demand the establishment of a framework allowing for thorough consultation on this new mechanism which will shape European banking and society in the future.

Read more on the Europan Parliament’s News: http://www.europarl.europa.eu/news/en/news-room/content/20130906IPR18829/html/Green-light-for-single-supervisor-for-banks