by Nicolas Veron, Peterson Institute for International Economics
Statement presented at the conference "Banking Union and the Financing of the Portuguese Economy," Assembleia da Republica / Portuguese Parliament, Lisbon
February 26, 2014
The launch of Europe's banking union on June 29, 2012, was arguably the European Union's most consequential policy initiative since the start of its financial crisis in mid-2007. Banking union, defined as the transfer of banking sector policy from the national to the European level, is a highly ambitious project. Its completion will take many more years, but it is already changing the structures of the European financial system and has wide-ranging political implications. Its implementation to date, while protracted and far from straightforward, is broadly in line with the initial commitment.
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