Vitor Constâncio, ECB vice-president, put it succinctly: "Banking Union is an essential complement to monetary union and a project with vast consequences for European integration." He pointed out that Jean Monnet’s "functional method of integration" is still alive and well: after each integrationist step, others become necessary and more pressing.
In order to complete the programme of financial services integration, the next Commission should promote many changes, especially for capital markets. Constâncio’s list includes changes to company law, bankruptcy rules and procedures, and greater harmonisation in the taxation of financial products.
Herman van Rompuy, president of the European Council, and José Manuel Barroso, the European Commission president, will bow out after the summit of the EU’s heads of state and government in October. It is a safe bet that they will try to bequeath an integrationist agenda such as that contained in the 2012 "four presidents" report, Towards a Genuine
Economic and Monetary Union.
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