European banking union - Knowledge (XXG)

524:(SRF) to finance resolution operations. The SRF is valued at 1% of covered deposits of all credit institutions authorised in the participating member states (estimated at 55 billion euros), to be filled with contributions by participating banks during an eight-year establishment phase ending on 31 December 2023. A key motivation is to alleviate the impact of failing banks on the sovereign debt of individual states and thus to mitigate the bank-sovereign vicious circle. All EU member states participating in the SSM, any those non-euro countries with a "close cooperation" agreement, are also participants in the SRM. 401: 565:

signal it entails of cross-border risk-sharing. In November 2015, the European Commission published a legislative proposal for a European Deposit Insurance Scheme (EDIS), but this did not get traction in the ensuing legislative process, even after the Commission in October 2017 watered down its project by suggesting a partial implementation. In June 2019, the European Commission conceded that an entirely new proposal might be needed to bring the vision of European deposit insurance to fruition.

483: 630:. It would allow banks in that country to be supervised by the ECB provided that they have mechanisms in place to make ECB measures binding upon national authorities. A "close cooperation" agreement can be ended by the ECB or by the participating non-eurozone member state. The text of the SRM stipulates that all states participating in the SSM, including those non-eurozone states with a "close cooperation" agreement, will automatically be participants in the SRM. 424:

of the member state where they are based, are directly supervised by the ECB. Smaller banks, known in the banking union as "less significant institutions", remain directly monitored by the national supervisory authorities of the member state in which they are established, even though the ECB has indirect supervisory oversight and also the authority to take over direct supervision of any bank. The ECB's monitoring regime includes conducting

2327:"European Parliament legislative resolution of 15 April 2014 on the proposal for a regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council" 2357:"Proposal for a Regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council" 791:

future relationship with the EU remains to be finalised. In addition, there is still uncertainty concerning how the new Basel recommendations will be implemented in the EU, which can have significant impact on the framework conditions for the Danish financial sector, regardless of whether we participate in the Banking Union or not.

2005:"REGULATION (EU) No 1022/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 22 October 2013 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority) as regards the conferral of specific tasks on the European Central Bank pursuant to Council Regulation (EU) No 1024/2013" 453:) as regards the conferral of specific tasks on the European Central Bank pursuant to Council Regulation (EU) No 1024/2013), which in practice gave the European Parliament a veto and thus a significant role in the legislative process. Any future modification of the SSM Regulation may also require unanimity of the council. 568:

One reason for the failure of the EDIS proposal is that it embedded an imbalanced approach to breaking the bank-sovereign vicious circle, as it only tackled one key component of that vicious circle – the fact that deposit insurance is only provided at the national level – while leaving intact another

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While all banks in participating states will be under the supervision of the ECB, this is carried out in co-operation with national supervisors. The banking groups designated by the SSM as "significant institutions", including all those with assets greater than 30 billion euros or 20% of the GDP

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heads of state and government on 28–29 June 2012. The summit's brief statement, published early on 29 June, began with a declaration of intent, "We affirm that it is imperative to break the vicious circle between banks and sovereigns," which was later repeated in numerous successive communications of

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that "Ensuring a well-functioning EMU implies strengthening banking supervision and resolution at European level". Suggestions for more integrated European banking supervision were further discussed during an informal European Council meeting on 23 May 2012, and appear to have been backed at the time

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From the start in early 2012, advocates of banking union have insisted on the need to set up a European deposit insurance in order to break the bank-sovereign vicious circle. This component of the banking union has been initially more controversial than the SSM or SRM, however, because of the strong

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The government will return to the issue when there is greater clarity on these issues, and when we have had a good public debate on possible Danish participation. It is the government’s position that if we end up recommending that Denmark should participate in the Banking Union, a referendum on the

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in July 2018 on its desire to participate in ERM II, and commitment to enter into a "close cooperation" agreement with the Banking Union. The ECB governing council decided on 24 June 2020 to establish a close cooperation with the Bulgarian central bank. The close cooperation entered into force on 1

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The SSM was enacted through Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, known as the SSM Regulation. Significantly, since this EU Regulation is based

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Some Danish banks and mortgage banks are very large relative to the size of the economy. In Danmarks Nationalbank's assessment, supervision of the largest Danish banks and mortgage banks would be strengthened in the banking union. Danmarks Nationalbank also finds that participation in the banking

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It is the government’s position that there is a need for greater clarity concerning a number of important issues before we can determine our position on Danish participation: Sweden’s position is unclear; work on additional elements of the Banking Union is still ongoing, and the United Kingdom’s

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states, legally it cannot enforce measures in non-eurozone states. This would prevent the ECB from effectively carrying out its supervisory role in these states. Under the European Treaties, non-eurozone countries do not have the right to vote in the ECB's Governing Council and in return are not

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of SSM and SRM participating states. This was achieved on 30 November 2015, when all participating states apart from Greece and Luxembourg had ratified. Greece ratified on 7 December. The agreement entered into force on 1 January 2016 for SSM and SRM participating states. Luxembourg subsequently

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by various observers and policymakers in the same context, especially in Germany in the second half of 2011. According to Véron, the expression had been suggested to him by European Commission official Maarten Verwey. From April 2012, the expression was later popularised by the financial press,

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The SRM was enacted through a legislative act known as the SRM Regulation ("Regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution

1690:"Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC" 752:

Generally speaking, the banking union will make a positive contribution to financial stability. This is relevant to all of us. As we saw after 2008, a financial crisis can have a severe impact on the economic infrastructure most of us rely on: investments, mortgage loans, business growth

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within the monetary union. The financial and political salience of this challenge, widely referred to as "regulatory treatment of sovereign exposures" (RTSE), was not immediately recognized in the early debates about the banking union. In 2015-2016 a high-level working group of the

59:, which are based upon the EU's "single rulebook" or common financial regulatory framework. The SSM took up its authority on 4 November 2014, and the SRM entered into full force on 1 January 2015. Most accounts of banking union view it as incomplete in the absence of a European 3769: 569:

one – namely, the continued existence of concentrated domestic sovereign exposures in most euro-area banks, or in other words, the fact that euro-area banks appear to give preference to their home country in their allocation of credit to governments despite the absence of

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and on 1 October 2020, the European Central Bank started supervising the larger Croatian banks after the completion of a significance assessment process. Croatia joined the eurozone, and thus became a full member of the European banking union, as of 1 January 2023.

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renewed the institution's earlier calls for banking policy integration by specifically referring to the need for the euro monetary union to be "...supported by stronger financial integration which our analysis suggests be in the form of unified supervision, a single

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union would be an advantage if a large Danish bank or mortgage bank ever became distressed. A single, powerful resolution authority would then be better equipped to minimise the adverse effects on the economy and the financial system without the use of public funds.

2518:"Regulation 806/2014: Establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010" 420:(ECB) a leading supervisory role over banks in the euro area. Participation is automatic for all euro area member states, and optional for other EU member states through the process known as "close cooperation" established by the SSM Regulation of October 2013. 774:

Furthermore, as a member of the banking union, Denmark would have a say when European rules, standards and practices are being established. Inter alia, this means that the mortgage credit model would be more strongly positioned inside than outside the banking

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The link between the two themes of European deposit insurance and RTSE has been acknowledged by EU officials and embedded in negotiating frameworks of the council. As of mid-2020, however, no tangible progress has been achieved on reaching a policy consensus.

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said that the country was conducting a study on joining, which was planned to be completed by 2019. Critics argue that Sweden will be disadvantaged by joining the banking union because it does not have any voting rights, as it is not a member of the

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and government responses to slowing economies post-bubble. Conversely, weakness in sovereign credit resulted in deterioration of the balance sheet position of the banking sector, not least because of high domestic sovereign exposures of the banks.

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opportunities, employment, and government revenue and expenditure. The banking union can be seen as a bulwark against future financial crises. It will also ensure that the impact is less severe if banks do, nevertheless, become distressed.

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released their proposal for the SSM in September 2012. The European Parliament and Council agreed on the specifics of the SSM on 19 March 2013. The Parliament voted in favour of the SSM and EBA Regulations on 12 September 2013, and the

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on financial institutions. If problems are found, the ECB will have the ability to conduct early intervention in the bank to rectify the situation, such as by setting capital or risk limits or by requiring changes in management.

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in the medium term. Third, it called for more integration on economic policy, and fourth, for the strengthening of democratic legitimacy and accountability. The latter is generally envisioned as giving supervisory powers to the

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signalled a degree of convergence on this agenda when declaring on 4 June 2012, that European leaders "will also talk about to what extent we have to put systemically (important) banks under a specific European oversight".

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members. However, non-eurozone EU member states can enter into a "close cooperation agreement" on the SSM with the ECB. The banks in that country are then supervised by the ECB and the country gains a seat in the

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The single rulebook is a name for the EU laws that collectively govern the financial sector across the entire European Union. The provisions of the single rulebook are set out in three main legislative acts:

1769: 539:(IGA) was made to govern the specifics of how the SRF would be financed ("Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund"). The SRM Regulation was proposed by the 1726:"Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012" 384:

Bank Recovery and Resolution Directive (BRRD; Directive 2014/59/EU of 15 May 2014), which establishes a framework for the recovery and resolution of credit institutions and investment firms in danger of

3065: 2972: 2041:"An important step towards a real banking union in Europe: Statement by Commissioner Michel Barnier following the trilogue agreement on the creation of the Single Supervisory Mechanism for the eurozone" 1667: 327:

In the following weeks, the German government quickly backtracked on the commitment about direct bank recapitalisation by the ESM. In September 2012, it was joined on this stance by the governments of

833:'s Banking Union. Nordea's chairman of the board, Björn Wahlroos, stated that the bank wanted to put itself "on a par with its European peers" in justifying the relocation from Stockholm to Helsinki. 3621: 3376: 449:

Regulation of 2010 (Regulation (EU) No 1022/2013 of the European Parliament and of the Council of 22 October 2013 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (

649:, stated in July 2017 that his country would not participate prior to euro adoption. However, after pressure from the ECB to begin participating in the European Banking Union prior to joining the 747:

Danmarks Nationalbank believes that Denmark should join the European banking union. In short, it is Danmarks Nationalbank's assessment that participation will benefit Danish households and firms.

1969:"COUNCIL REGULATION (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions" 547:

approved the Regulation on 15 April, and the Council followed suit on 14 July 2014, leading to its entry into force on 19 August 2014. The Intergovernmental Agreement (IGA) was signed by all 26

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by July 2020. The ECB governing council decided on 24 June 2020 to establish a close cooperation with the Croatian central bank. The close cooperation entered into force on 1 October 2020. The

2248:"Finalising the Banking Union: European Parliament backs Commission's proposals (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive)" 2078: 2687: 2175: 805:

Since the rise in resolution fund fees for Swedish banks to protect against banking failures in 2017, resulting in the move of the headquarters of the biggest bank in Sweden and the entire

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from the middle of 2011, led to renewed thinking about the interdependence between banking policy, financial integration, and financial stability. On 17 April 2012, IMF managing director

2736: 2900: 3133: 2574:"European Commission – PRESS RELEASES – Press release – European Commission welcomes the successful ratification of the Intergovernmental Agreement on the Single Resolution Mechanism" 3306: 3673: 2870: 3917: 3492: 2334: 4148: 3220: 2599: 780:

In a press release from 19 December 2019, the Danish Ministry of Industry, Business and Financial Affairs quoted Danish Minister for Industry, Business and Financial Affairs,

4118: 3035: 2840: 2777: 2713: 1510: 1416: 347:. Europe's banking union has been identified by many analysts and policymakers as a major structural policy initiative that has played a significant role in addressing the 335:. Eventually, such conditions were put on the ESM direct recapitalisation instrument that, as of September 2014, it has never been activated. However, the establishment of 138:

initially with reference to its use by Bruegel scholars. From June 2012 onward, it was increasingly used in the public policy debate, including by the European Commission.

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A level playing field across borders would also enhance competition in the Danish banking market, which would only be to the benefit of Danish households and firms.

434: 317: 3651: 3787: 3781: 126: 3098: 2521: 4229: 3958: 2492: 1630:"A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone" 903:"A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone" 364: 3057: 1659: 1180: 2968: 531:, a new agency established as the institutional hub of the SRM, is directly responsible for the resolution of significant institutions supervised by the ECB. 2111: 1138: 621:

bound by the ECB's decisions. Non-eurozone countries cannot become full members of the SSM and SRM in the sense of having the same rights and obligations as

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The Single Resolution Mechanism (SRM) was created to centrally implement the Bank Recovery and Resolution Directive in banking union countries, including a

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and on 1 October 2020, the European Central Bank started supervising the larger Bulgarian banks after the completion of a significance assessment process.

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Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council"). In addition, an

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initiated requests for close cooperation, in July 2018 and May 2019 respectively. Following a formal approval of these requests in June 2020, the

2419:"European Parliament and Council back Commission's proposal for a Single Resolution Mechanism: a major step towards completing the banking union" 1739: 1544: 1329: 4209: 2222: 2048: 2009: 1973: 1943: 1862: 1796: 1730: 1694: 1239: 2664: 995: 965: 416:

The first pillar of the banking union is European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), which grants the

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In addition, there are a number of special factors that make it particularly interesting for Denmark to participate in the banking union.

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on 21 May 2014, excluding Sweden. Its entry into force was conditional on the Agreement being ratified by states representing 90% of the

3952: 130: 3551: 3160: 4172: 3563: 2326: 1303: 1271: 1108: 320:; and second, "when an effective single supervisory mechanism is established," the possibility of direct bank recapitalisation by the 3641: 3212: 1637: 1352:"Remarks by President of the European Council Herman Van Rompuy following the informal dinner of the members of the European Council" 910: 653:(ERM II), Goranov said in June 2018 that Bulgaria would join the European Banking Union within a year. Bulgaria sent a letter to the 166:

led to the failure of prior attempts to create a European framework for banking supervision, including during the negotiation of the

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and proposed major changes in four areas. First, it called for a banking union encompassing direct recapitalisation of banks by the

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made a legislative proposal for a Deposit Insurance Scheme in November 2015, but it has not been adopted by the EU co-legislators.

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of their respective home countries ("bank-sovereign vicious circle"). In several countries, private debts arising from a property

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in July 2013. The Parliament and the Council of the European Union reached an agreement on the Regulation on 20 March 2014. The

367:(also known as CRD IV; Regulation (EU) No 575/2013 of 26 June 2013; Directive 2013/36/EU of 26 June 2013), which implements the 3608: 1599: 3338: 3699: 3682: 3598: 2929: 1858:"Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast)" 1792:"Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast)" 589:

explored options to tackle concentrated exposures, but no consensus was achieved and the final report was not made public.

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in financial matters and in reinforcing the political union. A new treaty would be required to enact the proposed changes.

283:, a common financial supervisor, a common bank resolution scheme and a deposit guarantee fund. Second, the proposals for a 23:

refers to the transfer of responsibility for banking policy from the member state-level to the union-wide level in several

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found that the move did not entail any transfer of sovereignty and thus would not automatically require a referendum, the

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preventing parliament from approving the same reform text in the six months to come, and blocking implementation of the

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The main aim for joining the European Banking Union would be to protect Swedish banks against being "too big to fail".

4224: 4166: 3922: 3087: 2517: 1828:"Policies – Economic and Financial Affairs – Banking union – Single rulebook – Bank recovery and resolution directive" 610: 477: 344: 203: 102: 94: 56: 2481: 2544:"Commissioner Barnier welcomes the Signature of the intergovernmental Agreement (IGA) on the Single Resolution Fund" 2452:"Commissioner Barnier welcomes the Signature of the intergovernmental Agreement (IGA) on the Single Resolution Fund" 1161: 674:

Croatia likewise submitted a request for closer cooperation in May 2019, as part of its efforts to join the ERM II.

400: 1570: 716: 450: 446: 195: 2103: 1130: 4142: 3431: 2388: 1387: 1351: 74:. Other non-euro member states may join the European Banking Union under a procedure known as close cooperation. 445:. To secure the consent of the United Kingdom, however, it was critical to simultaneously adopt a reform of the 3979: 3901: 3896: 3891: 3886: 3881: 3876: 3871: 3720: 175: 708: 486:

Signatories of the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund

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authority with a common backstop, and a single deposit insurance fund." The following week on 25 April 2012,

4154: 3284: 1205: 1069: 659: 528: 425: 158:. However, powerful political obstacles including the willingness of member states to retain instruments of 3575: 3182: 2994: 4178: 4101: 4095: 3995: 3989: 3252: 3128: 932: 878: 683: 521: 256: 151: 2543: 2418: 2247: 1762:"Policies – Economic and Financial Affairs – Banking union – Single rulebook – Deposit guarantee schemes" 962:"A stronger Banking Union: New measures to reinforce deposit protection and further reduce banking risks" 4190: 3645: 3635: 3612: 3587: 3579: 2806: 2356: 2291: 883: 873: 854:

You can't ignore the fact that the decision-making can be a little problematic for countries not in the

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oppose joining the European Banking Union and collectively the three won enough seats in the subsequent

687: 663: 627: 570: 417: 409: 313: 231: 122: 83: 4059: 3539: 3088:"Deepening Europe's Economic Monetary Union: Taking stock four years after the Five Presidents' Report" 2004: 1968: 1689: 1296:"IMF/CFP Policy Roundtable on the Future of Financial Regulation: Opening Remarks by Christine Lagarde" 1725: 70:

Until October 2020, the geographical scope of the European Banking Union was identical to that of the

4160: 3686: 1540: 1325: 536: 244: 163: 159: 28: 2214: 2040: 1935: 1660:"Policies – Economic and Financial Affairs – Banking union – Single rulebook – Capital requirements" 1235: 4113: 4065: 4016: 3805: 3793: 3602: 3591: 3567: 3555: 3531: 3094: 2660: 2547: 2455: 2422: 2330: 2251: 2218: 2182: 2142: 2044: 1939: 1900: 1633: 987: 961: 906: 544: 540: 457: 442: 371: 293: 288: 252: 239: 64: 2631:""Global Challenges in 2012" By Christine Lagarde, Managing Director, International Monetary Fund" 1896: 579: 482: 377:

Deposit Guarantee Scheme Directive (DGSD; Directive 2014/49/EU of 16 April 2014), which regulates

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As of mid-2020, the Banking union of the European Union largely consists of two main initiatives,

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published a statement in English on its official website, stating under the section entitled “

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in 2000. During the 2000s, the emergence of pan-European banking groups through cross-border

4077: 3817: 3156: 2389:"Agreement on the transfer and mutualisation of contributions to the Single Resolution fund" 806: 548: 468:

As set in the SSM Regulation, the ECB assumed its supervisory authority on 4 November 2014.

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Banking Union Essential Terms: Technical Abbreviations & Glossary (EN/DE/FR) 06-07-2018

1295: 1262: 4107: 4053: 3625: 2833:"Bulgaria to Formally Apply to Join EU's Banking Union - Novinite.com - Sofia News Agency" 1936:"Legislative package for banking supervision in the Eurozone – frequently asked questions" 1629: 902: 348: 227: 214: 187: 183: 147: 114: 40: 3124:"Republika Hrvatska uputila pismo namjere o ulasku u Europski tečajni mehanizam (ERM II)" 217:, and specifically the contagion of financial instability to larger member states of the 2802: 2138: 4124: 3811: 3763: 3726: 3690: 2896: 1897:"Commission proposes new ECB powers for banking supervision as part of a banking union" 781: 703:

announced in April 2015 its intention to join the European Banking Union. Although the

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and therefore also within the European Banking Union, there has been discussion about

4203: 4089: 3775: 3369:"Report from the Working Group on possible Danish Participation in the Banking Union" 1511:"Joint Statement of the Ministers of Finance of Germany, the Netherlands and Finland" 260: 1475:"Why Germany did not agree on direct bank recapitalization through the ESM in Spain" 4047: 4041: 3619:

Report from the Working Group on possible Danish Participation in the Banking Union

284: 235: 134: 2737:"EU deposit insurance debate could be linked to bank sovereign exposure -official" 2215:"A Single Resolution Mechanism for the Banking Union – frequently asked questions" 31:. The motivation for the banking union was the fragility of numerous banks in the 2688:"EU executive open to making new proposal to push deposit guarantee idea forward" 584: 308:. It followed by announcing two major policy initiatives: first, the creation of 332: 248: 199: 3307:"Denmark to make final decision on participation in EU's banking union by 2019" 2661:"Commission calls for the completion of all parts of the Banking Union by 2018" 2277: 86:

started supervising the larger Bulgarian and Croatian banks on 1 October 2020.

840: 1600:"Policies – Economic and Financial Affairs – Banking union – Single rulebook" 3061: 2074: 814: 724: 654: 368: 300: 287:

included a strict supervision of eurozone countries' budgets, and calls for

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were transferred to the respective sovereign as a result of banking system

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European deposit insurance and regulatory treatment of sovereign exposures

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The earliest recorded public use of the expression "banking union" in the

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from joining without the approval through a referendum. As of July 2017,

639: 622: 617: 602: 276: 75: 71: 32: 202:) led to renewed calls for banking policy integration, not least by the 3497: 3311: 3279: 3247: 2361: 2139:"Commission proposes Single Resolution Mechanism for the Banking Union" 728: 675: 328: 79: 44: 3399:"Sweden drops plans for bank tax, proposes higher resolution fund fee" 2071:"Wanted: EU banking union as Cyprus kills off deposit-insurance dream" 731:

was studying joining, with a decision expected in the autumn of 2019.

826: 810: 324:, possibly with retroactive effect in the case of Spain and Ireland. 481: 399: 90: 3628:. Ministry of Industry, Business and Financial Affairs (Denmark). 3028:"ECB establishes close cooperation with Bulgaria's central bank" 2292:"Brussels unveils Single Resolution Mechanism for banking union" 638:

The first request to enter into "close cooperation" was made by

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has long been sought by EU policymakers, as a complement to the

3655: 3275:"Danish opposition parties seek referendum on EU banking union" 3213:"ECB establishes close cooperation with Croatia's central bank" 2863:"Bulgaria to know its chances for ERM-II accession by end-2017" 267:

Another milestone was the report delivered on 26 June 2012, by

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ECB establishes close cooperation with Bulgaria’s central bank

3493:"Sweden considers joining EU's banking union - TT news agency" 3642:

ECB establishes close cooperation with Croatia’s central bank

2482:"Council adopts rules setting up single resolution mechanism" 2893:"Bulgaria Shifts on Euro Accession Plans After ECB Pressure" 206:, but with limited policy action beyond the creation of the 3540:"Policies – Economic and Financial Affairs – Banking union" 3157:"Letter of Intent Sent, Croatia to Introduce Euro in 2023?" 2969:"Statement on Bulgaria's path towards ERM II participation" 2104:"Council approves single supervisory mechanism for banking" 3058:"Statement on Croatia's path towards ERM II participation" 616:

Since the EU treaties only give the ECB jurisdiction over

133:) in December 2011. It paralleled the earlier advocacy of 686:

thus receives a representative with voting rights on the

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thus receives a representative with voting rights on the

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Treaty establishing the European Atomic Energy Community

3576:"Banking supervision – The Single Supervisory Mechanism" 3463:"Förslag om bankunion med EU om två år - Nyheter (Ekot)" 2520:. Official Journal of the European Union. 30 July 2014. 2176:"Member states sign agreement on bank resolution fund" 1070:"Beyond the Pandemic: Reviving Europe's Banking Union" 1018:"Italy parliament rejects ESM reform, irking Brussels" 740:

Danmarks Nationalbank's views on Danish participation

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Treaty establishing the European Political Community

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was expected to join the European Banking Union and

503: outside the eurozone (not applying the treaty) 4009: 3968: 3939: 3910: 3864: 3857: 3836: 3750: 3743: 3736: 3707: 3698: 1043:"Italian ruling coalition votes against ESM reform" 339:proceeded apace. Furthermore, in December 2012 the 97:voted against reforming the euro zone bailout fund 3947:Treaty establishing the European Defence Community 3243:"Denmark moves closer to joining EU banking union" 1131:"European debt crisis:leaders ponder fiscal union" 316:'s central authority, using Article 127(6) of the 238:echoed this call by noting in a speech before the 869:Economic and Monetary Union of the European Union 3432:"Should Sweden join the European banking union?" 497: outside the eurozone (applying the treaty) 3715:Treaty on the Functioning of the European Union 1410:"Towards a Genuine Economic and Monetary Union" 381:in case of a bank's inability to pay its debts. 318:Treaty on the Functioning of the European Union 1594: 1592: 515: EU members that may accede to the treaty 213:Deterioration of credit conditions during the 127:Peterson Institute for International Economics 27:, initiated in 2012 as a response to the 2009 3959:Treaty establishing a Constitution for Europe 3667: 365:Capital Requirements Regulation and Directive 275:, which called for deeper integration in the 8: 3693:(since 1993) and related political documents 3426: 3424: 2278:"EU unveils plans to wind down failed banks" 1963: 1961: 1891: 1889: 3770:Netherlands Antilles Association Convention 3217:European Central Bank - Banking Supervision 3032:European Central Bank - Banking Supervision 2446: 2444: 992:European Central Bank - Banking Supervision 736:Danish Central Bank (Danmarks Nationalbank) 605:member states automatically participate in 299:The key moment of decision was a summit of 154:for capital and, from the 1990s on, of the 3861: 3747: 3740: 3704: 3674: 3660: 3652: 2170: 2168: 2166: 2164: 2133: 2131: 2129: 1270:, IMF Working Paper, vol. WP/07/173, 1206:"Eurozone weighs union on bank regulation" 3998:(European Coal and Steel Community, 1951) 2209: 2207: 1543:. European Central Bank. 9 October 2012. 964:. European Commission. 24 November 2015. 208:Committee of European Banking Supervisors 2663:. European Commission. 11 October 2017. 2242: 2240: 1930: 1928: 1926: 1924: 1922: 1328:. European Central Bank. 25 April 2012. 597:Geographical scope and close cooperation 509: Signatories that have not ratified 465:gave their approval on 15 October 2013. 441:, with only a consultative role for the 2321: 2319: 2317: 2098: 2096: 1264:The Case for a European Banking Charter 1261:Cihak, Martin; Decressin, Jörg (2007), 894: 4220:European Union financial market policy 3528:"The EU Single Market – Banking union" 2953:: CS1 maint: archived copy as title ( 2946: 2010:Official Journal of the European Union 1974:Official Journal of the European Union 1863:Official Journal of the European Union 1797:Official Journal of the European Union 1731:Official Journal of the European Union 1695:Official Journal of the European Union 1547:from the original on 10 September 2014 1473:Hans-Joachim Dübel (23 October 2012). 1332:from the original on 30 September 2014 1242:from the original on 11 September 2014 956: 954: 3505:from the original on 24 December 2017 3319:from the original on 25 December 2017 3193:from the original on 13 February 2021 3008:from the original on 13 February 2021 2813:from the original on 16 December 2015 2629:Christine Lagarde (23 January 2012). 2369:from the original on 13 February 2021 2302:from the original on 13 February 2021 2021:from the original on 13 February 2021 1985:from the original on 13 February 2021 1874:from the original on 13 February 2021 1808:from the original on 13 February 2021 1706:from the original on 13 February 2021 1388:"Merkel warms up to EU banking union" 1238:. European Commission. 22 June 2012. 1216:from the original on 13 February 2021 879:Internal Market of the European Union 437:, it was adopted by unanimity of the 117:context was in an article by scholar 7: 4230:European Single Resolution Mechanism 3552:"Single Supervisory Mechanism (SSM)" 3473:from the original on 1 December 2017 2873:from the original on 14 October 2017 1577:from the original on 4 February 2021 1491:from the original on 19 October 2014 1422:from the original on 19 October 2013 1186:from the original on 31 October 2020 1141:from the original on 5 February 2017 1101:"Europe must change course on banks" 939:from the original on 15 October 2018 4161:Agreement on a Unified Patent Court 3588:"A Roadmap towards a Banking Union" 3564:"Single Resolution Mechanism (SRM)" 3349:from the original on 3 January 2020 2867:Central European Financial Observer 2580:from the original on 3 January 2016 1517:. 17 September 2012. Archived from 998:from the original on 9 January 2021 838:Sweden's Financial Markets Minister 3379:from the original on 4 August 2020 2783:from the original on 23 April 2020 2735:Jan Strupczewski (28 March 2019). 2149:from the original on 24 April 2014 1359:Presidency of the European Council 1111:from the original on 20 April 2015 1099:Nicolas Véron (22 December 2011). 14: 3442:from the original on 24 July 2020 3409:from the original on 23 July 2020 3223:from the original on 10 July 2020 3038:from the original on 10 July 2020 2975:from the original on 22 July 2018 2903:from the original on 12 June 2018 2843:from the original on 19 July 2018 2747:from the original on 13 June 2020 2716:from the original on 18 June 2020 2686:Jan Strupczewski (12 June 2019). 2667:from the original on 13 June 2020 2641:from the original on 13 June 2020 2524:from the original on 18 July 2015 2498:from the original on 22 July 2014 2081:from the original on 31 July 2014 1742:from the original on 16 July 2015 1640:from the original on 23 July 2019 1080:from the original on 13 June 2020 968:from the original on 13 June 2020 913:from the original on 23 July 2019 725:Folketing (the Danish parliament) 121:published near-simultaneously by 4167:Single Resolution Fund Agreement 3163:from the original on 7 July 2019 3155:Simmonds, Lauren (5 July 2019). 3136:from the original on 5 July 2019 3104:from the original on 7 July 2019 3068:from the original on 8 July 2019 2610:from the original on 31 May 2014 2554:from the original on 9 July 2014 2462:from the original on 31 May 2014 2429:from the original on 9 July 2014 2399:from the original on 30 May 2014 2337:from the original on 29 May 2014 2258:from the original on 29 May 2014 2225:from the original on 29 May 2014 2114:from the original on 29 May 2014 1946:from the original on 7 June 2014 1907:from the original on 25 May 2014 1838:from the original on 29 May 2014 1772:from the original on 29 May 2014 1670:from the original on 29 May 2014 1610:from the original on 29 May 2014 1454:from the original on 5 July 2012 1068:Ignazio Angeloni (26 May 2020). 651:European Exchange Rate Mechanism 3461:Goksör, Joakim (11 July 2017). 3251:. 30 April 2015. Archived from 2051:from the original on 5 May 2014 1981:(287): 63–89. 29 October 2013. 1368:from the original on 8 May 2014 1306:from the original on 9 May 2015 1277:from the original on 9 May 2015 988:"ECB Banking Supervision - SSM" 3923:United Kingdom (“Brexit” 2020) 3844:Renegotiation of UK membership 3339:"The banking union - in brief" 2839:. Novinite.com. 19 July 2018. 2017:(287): 5–14. 29 October 2013. 1870:(173): 190–348. 12 June 2014. 1804:(173): 149–178. 12 June 2014. 1702:(176): 338–436. 27 June 2013. 1163:Europe's radical Banking Union 343:announced the creation of the 1: 4210:Banking in the European Union 4119:Charter of Fundamental Rights 3544:Council of the European Union 3283:. 29 May 2015. Archived from 2604:Council of the European Union 2489:Council of the European Union 2393:Council of the European Union 2185:. 21 May 2014. Archived from 2108:Council of the European Union 1832:Council of the European Union 1766:Council of the European Union 1664:Council of the European Union 1604:Council of the European Union 645:Bulgaria's Finance Minister, 556:ratified on 11 January 2016. 463:Council of the European Union 4149:European Stability Mechanism 4030:London and Paris Conferences 3609:THE BANKING UNION - IN BRIEF 3132:(in Croatian). 5 July 2019. 1738:(176): 1–337. 27 June 2013. 1442:"Euro Area Summit Statement" 1236:"Update – The banking union" 1204:Alex Barker (3 April 2012). 607:European Banking Supervision 396:European Banking Supervision 390:European Banking Supervision 337:European Banking Supervision 322:European Stability Mechanism 310:European Banking Supervision 281:European Stability Mechanism 129:and VoxEU.org (a website of 53:European Banking Supervision 4010:Related political documents 2635:International Monetary Fund 1515:Finnish Ministry of Finance 1300:International Monetary Fund 848:. Swedish Finance Minister 611:Single Resolution Mechanism 537:intergovernmental agreement 478:Single Resolution Mechanism 472:Single Resolution Mechanism 345:Single Resolution Mechanism 204:International Monetary Fund 103:Single Resolution Mechanism 57:Single Resolution Mechanism 4246: 1571:European Banking Authority 1160:Nicolas Véron (May 2015), 475: 451:European Banking Authority 393: 196:Banca Nazionale del Lavoro 178:(such as the purchases of 4188: 4108:Schengen acquis of the EU 491: within the eurozone 247:, Italian Prime Minister 95:lower house of parliament 3721:Treaty on European Union 821:, which lies within the 176:mergers and acquisitions 142:Background and formation 4155:European Fiscal Compact 3788:Second Budgetary Treaty 2803:"Euro area 1999 – 2015" 2576:. Europa (web portal). 1169:, Bruegel, p. 57, 935:. Europa (web portal). 817:to the Finnish capital 660:Bulgarian National Bank 529:Single Resolution Board 4179:Versailles declaration 4102:Saint-Malo declaration 4096:Petersberg Declaration 3990:Western European Union 3782:First Budgetary Treaty 3615:(Danish Central Bank). 3129:Croatian National Bank 798: 778: 684:Croatian National Bank 522:Single Resolution Fund 517: 413: 21:European banking union 4191:European Union Portal 3969:Expired or terminated 3858:Changes in membership 3708:Consolidated versions 3646:European Central Bank 3636:European Central Bank 3624:4 August 2020 at the 3613:Danmarks Nationalbank 3580:European Central Bank 2807:European Central Bank 2710:Danmarks Nationalbank 1942:. 12 September 2013. 1903:. 12 September 2012. 1567:"The Single Rulebook" 1137:. 15 September 2011. 874:Capital Markets Union 831:European Central Bank 795:issue should be held. 786: 744: 734:On 10 July 2017, the 709:Danish People's Party 688:ECB Supervisory Board 664:ECB Supervisory Board 628:ECB Supervisory Board 485: 418:European Central Bank 410:European Central Bank 403: 314:European Central Bank 232:European Central Bank 84:European Central Bank 4215:Economic integration 4131:Seville Declarations 4028:Declarations at the 3405:. 24 February 2017. 2280:. BBC. 10 July 2013. 372:capital requirements 259:. German Chancellor 243:by French President 164:economic nationalism 160:financial repression 4114:Bologna declaration 4090:Schengen Convention 4017:Schuman Declaration 3794:Single European Act 3603:European Parliament 3594:. 21 February 2024. 3592:European Commission 3568:European Commission 3556:European Commission 3532:European Commission 3438:. 8 November 2017. 3255:on 21 December 2015 3095:European Commission 2776:. 3 December 2019. 2712:. 12 October 2016. 2600:"Agreement details" 2548:European Commission 2456:European Commission 2423:European Commission 2331:European Parliament 2252:European Commission 2219:European Commission 2183:European Commission 2143:European Commission 2110:. 15 October 2013. 2045:European Commission 1940:European Commission 1901:European Commission 1634:European Commission 1521:on 21 February 2014 907:European Commission 850:Madgalena Andersson 705:Ministry of Justice 545:European Parliament 541:European Commission 458:European Commission 443:European Parliament 294:European Parliament 257:José Manuel Barroso 253:European Commission 240:European Parliament 170:in 1991 and of the 146:The integration of 65:European Commission 4225:European Union law 4143:Berlin Declaration 4084:Schengen Agreement 4072:Solemn Declaration 4036:Benelux memorandum 4023:Europe Declaration 3823:Protocol 36 (2011) 3582:. 29 January 2024. 1049:. 21 December 2023 721:June 2015 election 713:Red Green Alliance 658:October 2020. The 571:exchange rate risk 518: 433:on Article 127(6) 414: 4197: 4196: 4173:Malta Declaration 4060:Copenhagen report 4005: 4004: 3986:Modified Brussels 3935: 3934: 3931: 3930: 3853: 3852: 3700:Founding treaties 3683:Founding treaties 3343:nationalbanken.dk 3187:eur-lex.europa.eu 3002:eur-lex.europa.eu 2425:. 20 March 2014. 2254:. 15 April 2014. 2221:. 15 April 2014. 2077:. 19 March 2013. 2047:. 19 March 2013. 1636:. 28 March 2014. 1406:Herman Van Rompuy 1302:. 17 April 2012. 1176:978-90-78910-37-4 1022:StreetInsider.com 909:. 28 March 2014. 701:Danish government 647:Vladislav Goranov 642:on 18 July 2018. 412:supervisory staff 379:deposit insurance 273:Herman Van Rompuy 245:François Hollande 223:Christine Lagarde 168:Maastricht Treaty 89:In December 2023 61:deposit insurance 4237: 4078:Rome Declaration 3918:Greenland (1984) 3862: 3748: 3741: 3705: 3689:(1951–1993) and 3685:of the European 3676: 3669: 3662: 3653: 3595: 3583: 3571: 3559: 3547: 3535: 3515: 3514: 3512: 3510: 3501:. 10 July 2017. 3489: 3483: 3482: 3480: 3478: 3458: 3452: 3451: 3449: 3447: 3436:The Local Sweden 3428: 3419: 3418: 3416: 3414: 3395: 3389: 3388: 3386: 3384: 3365: 3359: 3358: 3356: 3354: 3335: 3329: 3328: 3326: 3324: 3303: 3297: 3296: 3294: 3292: 3271: 3265: 3264: 3262: 3260: 3239: 3233: 3232: 3230: 3228: 3219:. 10 July 2020. 3209: 3203: 3202: 3200: 3198: 3189:. 13 July 2020. 3179: 3173: 3172: 3170: 3168: 3152: 3146: 3145: 3143: 3141: 3120: 3114: 3113: 3111: 3109: 3103: 3097:. 21 June 2019. 3092: 3084: 3078: 3077: 3075: 3073: 3054: 3048: 3047: 3045: 3043: 3034:. 10 July 2020. 3024: 3018: 3017: 3015: 3013: 2999: 2991: 2985: 2984: 2982: 2980: 2965: 2959: 2958: 2952: 2944: 2942: 2940: 2934: 2928:. Archived from 2927: 2919: 2913: 2912: 2910: 2908: 2899:. 12 June 2018. 2889: 2883: 2882: 2880: 2878: 2859: 2853: 2852: 2850: 2848: 2829: 2823: 2822: 2820: 2818: 2799: 2793: 2792: 2790: 2788: 2782: 2771: 2763: 2757: 2756: 2754: 2752: 2732: 2726: 2725: 2723: 2721: 2702: 2696: 2695: 2683: 2677: 2676: 2674: 2672: 2657: 2651: 2650: 2648: 2646: 2626: 2620: 2619: 2617: 2615: 2596: 2590: 2589: 2587: 2585: 2570: 2564: 2563: 2561: 2559: 2540: 2534: 2533: 2531: 2529: 2514: 2508: 2507: 2505: 2503: 2497: 2491:. 14 July 2014. 2486: 2478: 2472: 2471: 2469: 2467: 2448: 2439: 2438: 2436: 2434: 2415: 2409: 2408: 2406: 2404: 2385: 2379: 2378: 2376: 2374: 2365:. 10 July 2013. 2353: 2347: 2346: 2344: 2342: 2323: 2312: 2311: 2309: 2307: 2298:. 11 July 2013. 2288: 2282: 2281: 2274: 2268: 2267: 2265: 2263: 2244: 2235: 2234: 2232: 2230: 2211: 2202: 2201: 2199: 2197: 2191: 2180: 2172: 2159: 2158: 2156: 2154: 2145:. 10 July 2013. 2135: 2124: 2123: 2121: 2119: 2100: 2091: 2090: 2088: 2086: 2067: 2061: 2060: 2058: 2056: 2037: 2031: 2030: 2028: 2026: 2001: 1995: 1994: 1992: 1990: 1965: 1956: 1955: 1953: 1951: 1932: 1917: 1916: 1914: 1912: 1893: 1884: 1883: 1881: 1879: 1854: 1848: 1847: 1845: 1843: 1824: 1818: 1817: 1815: 1813: 1788: 1782: 1781: 1779: 1777: 1758: 1752: 1751: 1749: 1747: 1722: 1716: 1715: 1713: 1711: 1686: 1680: 1679: 1677: 1675: 1656: 1650: 1649: 1647: 1645: 1626: 1620: 1619: 1617: 1615: 1596: 1587: 1586: 1584: 1582: 1563: 1557: 1556: 1554: 1552: 1537: 1531: 1530: 1528: 1526: 1507: 1501: 1500: 1498: 1496: 1490: 1479: 1470: 1464: 1463: 1461: 1459: 1453: 1447:. 29 June 2012. 1446: 1438: 1432: 1431: 1429: 1427: 1421: 1414: 1408:(26 June 2012). 1402: 1396: 1395: 1384: 1378: 1377: 1375: 1373: 1367: 1356: 1348: 1342: 1341: 1339: 1337: 1322: 1316: 1315: 1313: 1311: 1292: 1286: 1285: 1284: 1282: 1276: 1269: 1258: 1252: 1251: 1249: 1247: 1232: 1226: 1225: 1223: 1221: 1201: 1195: 1194: 1193: 1191: 1185: 1168: 1157: 1151: 1150: 1148: 1146: 1127: 1121: 1120: 1118: 1116: 1096: 1090: 1089: 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3139: 3137: 3122: 3121: 3117: 3107: 3105: 3101: 3090: 3086: 3085: 3081: 3071: 3069: 3064:. 8 July 2019. 3056: 3055: 3051: 3041: 3039: 3026: 3025: 3021: 3011: 3009: 2997: 2993: 2992: 2988: 2978: 2976: 2967: 2966: 2962: 2945: 2938: 2936: 2932: 2925: 2923:"Archived copy" 2921: 2920: 2916: 2906: 2904: 2891: 2890: 2886: 2876: 2874: 2869:. 3 July 2017. 2861: 2860: 2856: 2846: 2844: 2831: 2830: 2826: 2816: 2814: 2801: 2800: 2796: 2786: 2784: 2780: 2769: 2765: 2764: 2760: 2750: 2748: 2734: 2733: 2729: 2719: 2717: 2704: 2703: 2699: 2685: 2684: 2680: 2670: 2668: 2659: 2658: 2654: 2644: 2642: 2628: 2627: 2623: 2613: 2611: 2598: 2597: 2593: 2583: 2581: 2572: 2571: 2567: 2557: 2555: 2550:. 21 May 2014. 2542: 2541: 2537: 2527: 2525: 2516: 2515: 2511: 2501: 2499: 2495: 2484: 2480: 2479: 2475: 2465: 2463: 2458:. 21 May 2014. 2450: 2449: 2442: 2432: 2430: 2417: 2416: 2412: 2402: 2400: 2395:. 14 May 2014. 2387: 2386: 2382: 2372: 2370: 2355: 2354: 2350: 2340: 2338: 2333:. 14 May 2014. 2325: 2324: 2315: 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