EU Commission’s “Banking Union” Proposal

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On August 31, the EU Commission issued a press release stating that it will publish its proposals for a single banking supervision mechanism in the euro area on September 12. Press Release.

The proposals include:

  • The new supervisory role for the European Central Bank (ECB)
  • The relationship between national supervisors and the ECB
  • Clarifying the role of the European Banking Authority (EBA)

The Commission expects these proposals to be adopted by the end of 2012, in order for the new system to enter into force early in 2013.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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