The ECB's Supervisory Board works with national
supervisors … … to maintain the security of Europe's banking system
. A chairman shall be appointed every five years. How does this work? 1. The post shall be made public. Any European citizen can apply … … with serious experience in banking and
finance. 2. The Governing Council of the ECB shall select the most suitable
candidates, … … in consultation with the Supervisory Board and the European
Parliament. The Governing Council of the ECB then proposes the
final candidate. 3. The European Parliament shall invite the candidate to a hearing
and then vote. To succeed, the candidate must win the support
of the EP majority. 4. The final approval shall be given to the EU Member States
… … through the Council of the EU. The Chairman of the Supervisory Board may not hold the
office for more than one term. Towards the end, the search begins for the next candidate
… … to lead banking supervision in Europe … … and to contribute to the security of our banking
system.
European Central Bank
Banking Supervision.