On the transparency and accountability of the SSM

This paper argues that the mandate of the SSM is too imprecise to function as a quantifiable yardstick based on which the performance of the ECB can be objectively evaluated. The accountability mechanisms should therefore focus on policy processes, underlying analyses and motivations instead of results. Based on the transparency index of Liedorp (2013), the SSM appears much more transparent than national supervisors at the time of the SSM’s creation. However, the legislative framework lacks one feature that is usually associated with the concept of accountability, as the EP has no possibility to impose formal sanctions if the SSM underperforms.