Publication

The agreement on establishing a common banking authority is paving the way for a banking union in the EU, argues this report. After making headway on sovereign debt by deciding on a fiscal union one year beforehand in December 2011, the EU is by now also addressing the banking crisis, offering information as to who is going to supervise who and what. The report notes that the eurozone must not stop short at banking supervision, and should also introduce a single bank closure mechanism and a European deposit insurance system.