The European Commission has published its long awaited proposal for a Directive establishing a framework for the recovery and resolution of banks and investment firms in the EU. The proposed Directive delivers on the EU’s commitments to the G20 to introduce legislative reform and can also be seen as a first step in the process of achieving Banking Union in the EU, as announced by Commission President Barroso recently.
The idea of Banking Union is a political one and the concept may ultimately encompass a variety of legal instruments designed to achieve closer EU integration of banking. Measures which are likely to be considered further at EU level as part of Banking Union include: an integrated system for the supervision of cross-border banks, a single deposit guarantee scheme, and an EU resolution fund. It is possible that the Commission may produce proposals in these areas during the Autumn.
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