The European Court of Auditors has called on the European Parliament and the EU Council to legislate if necessary to ensure that it is fully able to monitor the banking supervision activities of the European Central Bank (ECB), in a letter sent to Parliament on 14 January.
Since 2013 and the entry into force of the Single Supervising Mechanism (SSM), the ECB has been responsible for directly supervising the largest banks in the euro area within the framework of the banking union.
The...