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Speech: building on banking union

Michel Barnier, European Commissioner for Internal Market and Services © EU


Michel Barnier, European Commissioner for Internal Market and Services, says that closer economic integration should be the catalyst for reinventing the European Union.

Barnier called for a rejection of both fatalism and the prospect of a lost Europe in the face of the ongoing financial crisis. “This is not to say that everything is perfect in Europe, but to commit to move forward and reinvent Europe,” he said.

The banking union, which is currently being developed by EU policymakers, is an example of choosing “the path of action and not resignation”, he said.

“The banking union marks the starting point for new ambition for Europe, to finally build the economic part of the monetary union,” he added.

He outlined a number of priorities for the next steps:

  • finalisation of the banking union
  • further fiscal and economic integration
  • more integration in tax and social policies
  • economic integration for joint industrial projects, and a truly European energy policy

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In brief

Link to the milestones