Memo: Update – The banking union

The European Commission believed there had to be a clear longer term vision on the future of the EU's Economic and Monetary Union to give a sense of direction to the reforms and decisions necessary for the EU and its Member States to tackle current challenges.

Therefore, the European Commission had been pushing for deeper economic integration as one of the remedies to the current crisis. This new step in European integration would complement our monetary union. In this context, the European Commission put forward the concept of a banking union. This Memo provides details.