The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions

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On 12 September 2012 the European Commission adopted legislative proposals, including a draft EU Regulation, to establish a single supervisory mechanism for banks which is to be led by the European Central Bank. These proposals are accompanied by a ‘road map’ setting out how the Commission intends to formally establish a ‘banking union’. The concept of a banking union was first proposed in May 2012 as a vital part in restoring confidence in credit institutions and the Euro. On 18 October 2012 the European Council affirmed the political commitment to a banking union and provided a deadline of December 2012 for publishing an updated road map to establishing a banking union.

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