The creation of a Banking Union: Europe is living up to its commitments

The Banking Union is another brick in the foundations of the Economic and Monetary Union (EMU), agreed to by EU Heads of State and Government in June 2012. It will strengthen financial integration, deepen the EMU and restore confidence in the financial sector. It will help to minimise costs to taxpayers and increase financial stability, thereby contributing to economic recovery. The Banking Union is a common framework covering all participating countries (euro-area members plus all other signatories), which implies that banks in those countries will be supervised by the European Central Bank, and that the restructuring of failing banks will be managed effectively through a Single Resolution Board and a Single Resolution Fund, financed by the banking sector.

• Primary Source

http://ec.europa.eu/internal_market/smn/index_en.htm http://ec.europa.eu/internal_market/smn/index_en.htm

ESO: Key Source: European Banking Union http://www.europeansources.info/record/european-banking-union-2/

ESO: Background information: Council adopts rules setting up single resolution mechanism http://www.europeansources.info/record/press-release-council-adopts-rules-setting-up-single-resolution-mechanism/

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