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
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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.