The Banking Union must be set up urgently

16 Nov 2012
Ref: 070 2012

Since the onset of the banking crisis, the European Economic and Social Committee (EESC) has advocated greater integration and harmonisation of the regulatory system governing European banks. In light of the current negotiations on the Banking Union and the planned regulation to set up a European Supervisory Authority, the EESC supports the Commission's initiative, as set out in its opinion adopted at the plenary session on 15 November. It also emphasises the need to adopt a practical roadmap that can start having effect as quickly as possible.

In another opinion, moreover, the EESC has highlighted the need for proper regulation of the shadow banking system, so that its business is conducted in keeping with the requirements applied to the rest of the sector.