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By Gilles Pierre, Senior Adviser, Banking Regulation Accounting, ABBL
The so-called “Banking Union” concept was mentioned for the first time at the EU Summit of 29 June 2012. This ambitious initiative aims at integrating, within the Euro zone, the institutional framework of banking supervision. It consists of a Single Supervisory Mechanism (the SSM) placed under the responsibility of the European Central Bank, a single EU Deposit guarantee Scheme and Resolution Scheme set up under the control of a EU Resolution Authority, and a single set of rules (the single rulebook).
The official motivation of the EU politicians is to restore confidence in the Euro zone’s capacity to overcome the current crisis, paving the way towards a more complete fiscal,...
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