In a keynote speech at the 2024 Supervision Innovators Conference, Elizabeth McCaul, a Member of the Supervisory Board of the European Central Bank (ECB), reflected on the evolution of European banking supervision over the first ten years of the Single Supervisory Mechanism (SSM) and outlined the future of supervision under its new 2024-2028 tech strategy.
The strategy is built around two pillars: people and technology. Highlighting the impact of societal, technological, and economic trends, McCaul noted, "We are in the midst of a fast-paced and unprecedented development which is changing every aspect of the economy." McCaul stressed the importance of integrating advanced supervisory technology (suptech) into day-to-day work, enabling supervisors to operate as a single team using shared IT systems across the ECB and National Competent Authorities (NCAs).
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