Following the outbreak of the financial crisis in 2008, the stabilization of financial markets became a priority and financial sector reform a crucial instrument to achieve it.
In 2012, proposals were presented with a view to creating a Banking Union for the eurozone and other Member States desiring to participate, with a Single Supervisory Mechanism for banks as a key element.
You can find below a memo setting out what has been done so far to create a robust financial framework for all 28 Member States and where we stand in building the banking union. You can also find below a table listing the proposals already adopted by the European Union, those being discussed in the Parliament and the Council and those which are still to be presented by the Commission.
- Memo: “A comprehensive EU response to the financial crisis – substantial progress towards a strong financial framework for Europe and a banking union for the eurozone” (last updated: 28.03.2014)
- Table: “A new financial system for Europe – Financial reform at the service of growth” (last updated: 25.03.2014)