Press conference by Michel Barnier on banking union
On 12 September 2012, Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a speech in Strasbourg on the set of legislative proposals adopted by the European Commission on the same date regarding the establishment of a single supervisory mechanism for banks led by the European Central Bank in order to put into action the conclusion of the European Council and Euro Area summit at the end of June 2012.
The set was accompanied by a Communication on a roadmap for completing the banking union over the coming years.
Already in September 2009, the Commission brought forward proposals to replace the EU's existing supervisory architecture with a European system of financial supervisors (ESFS), consisting of three European Supervisory Authorities; a European Banking Authority, a European Securities and Markets Authority, and a European Insurance and Occupational Pensions Authority.
The three European supervisory authorities (ESAs) and a European Systemic Risk Board (ESRB) were established as from January 2011 to replace the former supervisory committees. LINKLINK