European responses to the global financial crisis and the sovereign debt crisis provided the basis for a resilient financial system. A solid institutional framework was set up, with the European Banking Authority (EBA) and the European Stability Mechanism (ESM) playing key roles in safeguarding financial stability.
Recent severe economic shocks and geopolitical turmoil have tested the robustness of the European banking sector. Banking union, a cornerstone of the new European financial architecture, has withstood the turbulence but remains incomplete, and urgency for its completion is faltering. An incomplete banking union means citizens, corporates, and banks cannot reap all the benefits of a large and integrated market for financial services.
The EBA and ESM have come together to discuss how to harness their capabilities and reinforce their functions to ensure crisis prevention and preparedness. Strengthening cooperation between the EBA and ESM will fortify the European safety net, and ultimately help cement trust and accelerate progress towards a fully-fledged banking union. (...)
Recent severe economic shocks and geopolitical turmoil have tested the robustness of the European banking sector. Banking union, a cornerstone of the new European financial architecture, has withstood the turbulence but remains incomplete, and urgency for its completion is faltering. An incomplete banking union means citizens, corporates, and banks cannot reap all the benefits of a large and integrated market for financial services.
The EBA and ESM have come together to discuss how to harness their capabilities and reinforce their functions to ensure crisis prevention and preparedness. Strengthening cooperation between the EBA and ESM will fortify the European safety net, and ultimately help cement trust and accelerate progress towards a fully-fledged banking union. (...)
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