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Implementation of Banking Union to be Postponed

Published: September 17, 2012; 21:04 · (Vindobona)

Initially, the Commission of the EU intended to introduce the banking union in 2013. After the fierce resistance of some member states, the Commission gives up its plans for the time being.

Implementation of Banking Union to be Postponed / Picture: © Flickr

According to the Commission, the banking union should contain a centralized supervision authority. Moreover, the deposit protection and the restructuring rules should be unified. As a first step, the competence of ECB should be enlarged, the Commission proposed. ECB becomes a centralized financial market authority for the big banks in the Eurozone. In total, 6,000 banks with assets…

This article includes a total of 442 words.

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