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

The eurozone’s new banking supervisor has only been up and running for a few months, but its chair, Danièle Nouy, is already on the front foot. Speaking to Risk.net, she calls for national capital discretions to be scrapped and for the leverage ratio to stay at 3%

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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