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The Banking Union is based on a proposal that the European Commission presented in 2012, a few years after the severe financial crisis had started to unfold in the EU. The key innovation was to transfer responsibility for the day-to-day supervision of the laEU Fact Sheets - Banking Union - 03-06-2025
The Banking Union is based on a proposal that the European Commission presented in 2012, a few years after the severe financial crisis had started to unfold in the EU. The key innovation was to transfer responsibility for the day-to-day supervision of the largest banks in the euro area from national to European level. From then on, the European Central Bank (ECB) was put in charge of supervisory tasks, which it needed to keep strictly separate from its activities on monetary policy. Another institution – the Single Resolution Board (SRB) – was set up at European level to deal with the failure of large banks. The Commission had proposed a third element – a European deposit insurance scheme – but so far this has not found the necessary political support. Source : © European Union, 2025 - EP Read more