EU Banking Union. Introductory Thoughts on the Current Situation

Abstract

The decision adopted by the 28 European Union (EU) Member States in June 2012 on the establishment of the banking union expresses clear political support to the idea of common Europe. Is such a pretentious EU project an important historic step towards further integration, particularly in terms of the financial sector? Will the banking union reconsolidate the connections within the economic and monetary union and create better conditions for economic growth? After three decades of deregulation of monetary policy, which has taken the European financial situation to the verge of a precipice, it is above all important to take precautions to avoid in the future any destructive developments similar to those that occurred in the years after 2008.