The EESC is pleased to learn that, even though belated, a European banking union will come to life. It is crucial that the Member State governments have the breadth of vision to create more Europe, handing over some powers and ensuring that they can be applied, in order to achieve effective European governance that is socially useful and economically efficient. New and stricter rules will offer security to people and markets.
A banking union offers the best roadmap for the euro zone and the EU as a whole to embark on a virtuous cycle overcoming its design flaws and enabling the single market to regain competitiveness in order to meet the objectives of the Europe 2020 strategy.
The EESC urges rapid agreement on the entry into force of the Single Supervisory Mechanism (SSM). We call on the Commission to put forward a calendar and details for the SSM, together with any other relevant stages that need to be accomplished so that the banking union can serve as a common foundation across the Single Market, and both can strengthen their clear economic advantages. The time for adjustment given to institutions upholding the euro must also be short and clearly defined.