The EESC is pleased to learn that, even though belated, a European banking union will come to life. It is crucial that the Member State governments have the breadth of vision to create more Europe, handing over some powers and ensuring that they can be applied, in order to achieve effective European governance that is socially useful and economically efficient. New and stricter rules will offer security to people and markets.

A banking union offers the best roadmap for the euro zone and the EU as a whole to embark on a virtuous cycle overcoming its design flaws and enabling the single market to regain competitiveness in order to meet the objectives of the Europe 2020 strategy.
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