# Single Supervisory Mechanism takes over euro-area bank supervision

Date: 2014

On 4 November 2014 the SSM, housed at the ECB, took over significant-bank supervision. [Draghi](/people/mario-draghi) chaired the ECB as the union started. Supervision is a completed institutional act.

## People

- Mario Draghi: https://factrail.ai/people/mario-draghi

## Drivers

- Banking-System Stability: https://factrail.ai/drivers/banking-system-stability

## Sources

- https://www.reuters.com/article/us-ecb-supervision-idUSKBN0IO0Q620141104/
- https://www.bankingsupervision.europa.eu/press/pr/date/2014/html/sr141104.en.html

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/ecb-banking-union-2014