francois villeroy de galhau : ten years of single supervisory mechanism ( ssm ) - great achievements, and new journeys to complete speech by mr francois villeroy de galhau, governor of the bank of france and chair of the prudential supervision and resolution authority ( acpr ), at the conference held at the acpr, paris, 24 june 2024. * * * ladies and gentlemen, i am pleased to welcome you, alongside denis beau, first deputy governor of the banque de france, and nathalie aufauvre, secretary general of the acpr, to this conference organised by the acpr ( autorite de controle prudentiel et de resolution ), in this year when the ecb is celebrating the 10th anniversary of our single supervisory mechanism ( ssm ). it is also a very great pleasure and honour to welcome prominent architects and builders of the ssm : jean - claude trichet, the three consecutive chairs of the ssm, daniele nouy, andrea enria and claudia buch, as well as christian noyer, elizabeth mccaul and edouard fernandez - bollo. the ssm is undeniably a success story ; it is acknowledged as one of the most efficient supervisory bodies in the world. it has a key human foundation : the successful integration of teams, and ever greater convergence. i would like to pay tribute to the remarkable commitment of the staff at the ecb and the national supervisors, including that of the women and men at the acpr. the acpr provided the ssm with its first chair, the talented and highly - committed daniele nouy, and more than 80 colleagues. the acpr was also a major driver in the adoption of an integrated and intrusive supervision model, in which independent on - site inspections play an important role. building on these strong credentials, the ssm can now evolve towards a more qualitative and risk - focused supervision ( i ). taking a broader perspective, completing the banking union remains an utmost necessity to further strengthen european banks ( ii ). i. relying on its strong credentials, the ssm can now evolve towards a more risk - focused supervision the ssm is the result of the strong and common determination of european political authorities and supervisors alike, in the wake of the great financial crisis. from its inception in 2014, the ssm went to tremendous lengths to reduce european banks'vulnerabilities and enhance their risk management, and quickly created

risk. french banks are and will remain a positive asset for the french economy, and for europe as well, being among the largest and most resilient ones. * * i will conclude with marcel proust and swann's way – the first volume of in search of lost time. " the real voyage of discovery consists not in seeking new landscapes, but in having new eyes " ( « le veritable voyage de decouverte ne consiste pas a chercher de nouveaux paysages, mais a avoir de nouveaux yeux » ). well, when it comes to our matters, new eyes can enable us not only to complete our supervisory and banking union journeys, but also to change the european landscape on competitiveness, growth and innovation. the former goal will support the latter. thank you for your attention. i dahlgren ( s. ), himini ( r. ), restoy ( f. ) and rogers ( c. ), assessment of the european central bank's supervisory review and evaluation process, report by the expert group to the chair of the supervisory board of the ecb, april 2023 ii buch ( c. ), reforming the srep : an important milestone towards more efficient and effective supervision in a new risk environment ( europa. eu ) iii expressed in terms of consolidated domestic assets. sources : federal reserve, ecb and banque de france calculations. iv london stock exchange group, acpr calculations v enria ( a. ), of temples and trees : on the road to completing the european banking union, speech, 17 may 2022 vi villeroy de galhau ( f. ), the banking union : time to move forward again, speech delivered at eurofi financial forum, 10 september 2021 vii nagel ( j. ), monetary union, capital markets union, banking union – a triad for europe's prosperity and resilience, speech, 23 april 2024 4 / 4 bis - central bankers'speeches