The European Commission has published a communication entitled Towards the completion of the Banking Union.
In the communication the Commission notes the following measures in order to complete the Banking Union:
- full and rapid transposition and implementation of the agreed legal provisions (notably the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive);
- swift agreement on an effective bridge-financing arrangement for the Single Resolution Fund and on a common fiscal backstop which should be fiscally neutral over the medium term, i.e. any use of taxpayers money would be subsequently reimbursed by the banks;
- a legislative proposal for a European Deposit Insurance Scheme; and
- a parallel effort to further reduce risks in the banking sector and weaken the link between banks and their national sovereign.
View Towards the completion of the Banking Union, 24 November 2015