‘The test of time: Banking Union a decade on’

On 23 June 2022, Commissioner McGuinness gave the opening speech at the joint conference of the Single Resolution Board (SRB) and the European Central Bank (ECB). She began by calling to mind the continuing importance of the Banking Union – a collection of initiatives launched in the aftermath of the global crisis to ensure greater financial stability. Ms McGuinness said that although the EU banking sector has changed considerably in the past decade, there is still a long way to go. The first and second pillars of the Banking Union are up and running and have shown good results – EU banks proved resilient during the pandemic, for instance. But, Ms McGuinness continued, the third pillar – a European Deposit Insurance Scheme – is still missing. She concluded on an optimistic note: The Banking Union ‘may not be fully in view today, but I believe that we will get there. Because we have a signpost in the right direction.’

You can read the full speech here