Since its creation in 2014 as a unit of the European Central Bank, it has been the remit of the Single Supervisory Mechanism (SSM) to put the eurozone’s banking sector on a healthier footing. Today it oversees the bloc’s 120-odd biggest banks, including eight banks of global systemic importance, slightly more than the US Federal Reserve.
It has not been a smooth journey. The aftermath of the 2011 sovereign debt crisis brought a new banking and non-performing loan crisis to Italy in 2016.
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