In the latest edition of Real Economy, Euronews examines what is being done to strengthen Europe's banks. Since the financial crisis, Europe has been building a banking union to make banks more stable. The first two pillars—single supervision and single resolution—are already in place. European banks are safer today because they have to follow a single rule book. Moreover, if a bank experiences financial difficulties, a single resolution fund made up of contributions from banks can stabilise the situation. The next step is to put an EU safety net in place. This safety net or “backstop” would only be used as a last resort, to shield taxpayers from paying for a failing bank. According to Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs, to establish the backstop, the “European Stability Mechanism would be transformed into the European Monetary Fund, and this European Monetary Fund would be an institution of the EU, so it can be democratically controlled.”