Yves Mersch recommended for ECB Supervisory Board

In the secret ballot, MEPs voted 379 in favour, 230 against and 69 abstentions to recommend Mr Mersch.

The European Parliament gives a non-binding opinion on whether or not a candidate is suitable to fill a post on the European Supervisory Board.

Earlier this month, Parliament’s Committee on Economic and Monetary Affairs evaluated the credentials of Mr Mersch during a hearing with him.

Background

The European Supervisory Board is part of the Single Supervisory Mechanism (SSM), a system set up in the aftermath of the financial crisis to better supervise credit institutions in the EU and move towards a banking union. The Supervisory Board is composed of the national supervisors participating in the SSM, in addition to a chair, vice-chair and four ECB representatives. Its task is to draft supervisory decisions which are then adopted by the Governing Council of the ECB, acting in its role of bank supervisor.

Next steps

Mr Mersch’s candidature will now be put on the agenda of October’s European Council summit.