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20 May 2014

Barnier: State of the (Banking) Union

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Michel Barnier took stock of developments in the Banking Union and more broadly in financial regulation reform as an illustration of the EU’s added value to economic recovery.

"These fundamental reforms would not have been possible without joint action by the EU and its Member States. Europe's financial markets are too interlinked to be dealt with nationally. Many European financial institutions are major players - not only in the Single Market - but also on the global arena… So we need common rules and regulatory convergence, we need the EU."

He also pointed out that a Banking Union does not put an end to the diversity of the banking sector in Europe: "We have also been careful to take into account the specificities of business models such as savings banks or cooperatives. And I will continue to take into account these specificities over the coming months to determine in detail which bank pays what into the Single Resolution Fund, based on size and risk profile."

Full speech

© European Commission

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