Main Features of the European Banking Union

Abstract:

The Banking Union has significantly changed both the legal and the political landscape of the EU. All supervision of banks in the Euro Area will now ultimately be the responsibility of the ECB and no longer of the national banking supervisors, and a new European Agency and ultimately the Commission, in cooperation with the Council of Ministers, will be responsible for the resolution of banks facing serious difficulties. This article explores the main constitutive elements of the Banking Union, how they came into being and how they interact both within the Banking Union itself and with the EU as a whole.