Q&A: SSM's Nouy on Europe's capital confusion

Chair of eurozone watchdog tells Risk.net member states should ditch carve-outs

Danièle Nouy, chair, SSM

The European Union is keen on harmonisation and the 19 members of the eurozone even more so, but you might not know it from a comparison of the latter group's national capital rules with the text that was agreed at EU level. The region's new big-bank watchdog, the Single Supervisory Mechanism (SSM), did just that, eventually finding more than 150 carve-outs, dodges and discrepancies. In total, these represent almost €130 billion of equity capital.

Ending these so-called options and national

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