News & Comments

We welcome short entries about relevant European or national developments for this News and Comments section. You are invited to use the contact form for this or to directly contact Thomas Beukers ( or Viorica Vita (

17 June: ECOFIN adopts roadmap for Banking Union

June 17, 2016

The 17 June ECOFIN Council adopted the following Council conclusions on a roadmap to complete Banking Union: "THE COUNCIL OF THE EUROPEAN UNION: 1.         RECALLS that major steps have been taken at unprecedented speed over the past years to establish the Banking Union. After a comprehensive assessment of all significant credit institutions in the Banking […]

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4 July: ECB instructs Italian bank to meet non-performing loan requirements

July 4, 2016

Italian bank Monte dei Paschi di Siena has received a draft-letter from the ECB setting out instructions to reduce its exposure to bad loans. The Italian bank has been given until 8 July to present its arguments to Frankfurt. Read the press release of Monte dei Paschi di Siena confirming the letter here. On the […]

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11 July: IMF discusses Italian banking sector concerns in Article IV consultation

July 12, 2016

Amidst talks between Brussels and Rome about possible recapitalisation of the Italian banking sector, suffering from a high burden of non-performing loans and the impact of the UK referendum on Brexit, as well as the application of European state aid rules, the IMF has published its 2016 Article IV consultation on Italy. Read the full […]

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11 October: Workshop The European Banking Union and Its Instruments – Experience from the First Years of an Interplay with National Banking Supervision and Resolution

October 11, 2016

After two years of existence, it is time to focus on what happened in practice for the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), i.e. in the core of the Banking Union, in Member States and beyond the EU. The workshop gathers as broad a range of perspectives as possible with a […]

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7 November: Eurogroup informed about state of banking union

November 7, 2016

The Eurogroup of 7 November heard presentations by Danièle Nouy, the Chair of the European Central Bank's Supervisory Board, and Elke König, the Chair of the Single Resolution Board (SRB). They briefed the Eurogroup on recent developments in the financial sector, on the two institutions' main activities in the past months, and on their key […]

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1 January: SRM comes into effect for the Banking Union

January 4, 2016

See for more details the Commission press release of 31 December 2015. See also the earlier Single Resolution Board (SRB) press release of 30 November 2015 on the SRB's responsibilities as of 1 January 2016.

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8 february: SRB finalises loan facility agreement with all 19 participating states

February 8, 2017

Read the SRB press release here.

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8 December 2015: ECOFIN Ministers endorse public bridge financing arrangement for SRF

December 8, 2015

In the margins of the ECOFIN Council the Ministers of the 28 Member States issued the following statement on Banking Union and bridge financing arrangements for the Single Resolution Fund: "ECOFIN Ministers reaffirm the importance of deepening the Banking Union in the context of a well-functioning Economic and Monetary Union. Following the successful establishment of […]

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22 March: EP hearing with SRB chair

March 22, 2017

At the European Parliament, SRB chair Elke König discussed issues such as changes in the regulatory framework, the state of play of Minimum Requirements for own Funds and Eligible Liabilities (MREL) and the Single Resolution Fund. Read König's full statement to the European Parliament's Economic and Monetary affairs committee here.

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30 November 2015: ratification threshold SRF intergovernmental agreement reached

December 1, 2015

In line with article 11(2) of the Intergovernmental Agreement on the Single Resolution Fund, the agreement has entered into force after ratification by enough parites (more specifically representing 90% of the aggregate of the weighted votes of all the Member States participating in the Single Supervisory Mechanism and the Single Resolution mechanism). This means that […]

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16 May: General Court decides on scope of ECB prudential supervision

May 16, 2017

On May 16 the General Court decided on the interpretation of the concept 'significant entity' under the Single Supervisory Mechanism (SSM), following an action of annulment by the Landeskreditbank Baden-Württemberg — Förderbank, which is regarded as a significant entity by the European Central Bank (ECB). As a consequence the bank was subject solely to ECB supervision rather than shared […]

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24 November 2015: Commission proposes deposit insurance scheme for euro area

November 24, 2015

The European Commission has adopted a proposal for a regulation establishment a European Deposit Insurance Scheme (EDIS) based on article 114 TFEU. The would be mandatory for euro area Member States and open to non-euro area Member States willing to join the banking union. See also the Commission's press release and these factsheets prepared by […]

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4 November 2015: Speech by Dijsselbloem on private risk buffering and banking union, capital markets union and a European fiscal capacity

November 6, 2015

At the Tatra Summit in Bratislava, President of the Eurogroup Jeroen Dijsselbloem held a speech on the medium- and long-term of EMU, discussing what is the best way forward to strengthen the risk-absorbing capacity of the eurozone and to assure build-in stabilisation tools.

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EUI Conference 22/23 May: European Banking Union: Democracy, Technocracy and the State of Integration

May 12, 2015

In 2012, at the height of the sovereign debt crisis, European decision makers decided that the next step in developing an ever closer union involved the formation of banking union (BU). Now that the banking union has taken shape, this conference will bring together social scientists from several disciplines to discuss the nature of the […]

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31 January: ECB’s top supervisor says differing rule interpretations cause imbalances

January 31, 2016

Daniele Nouy, chair of the Single Supervisory Mechanism (SSM) told in an interview with a Cypriot newspaper that "We need to ensure fully harmonised prudential banking supervision," and that "Our aim is to establish a unified, integrated and harmonised supervisory framework, and this requires harmonised regulation." See the reporting by Reuters.

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Privatising state intervention for financial stability: the Italian case – by Agnieszka Smolenska (EUI)

February 13, 2016

Agnieszka Smolenska is a PhD Researcher at the EUI studying the application of state aid rules to banks from 2007 in the context of the emerging frameworks for EU and Eurozone financial regulation and supervision On 10 February Italy passed a series of laws intended to improve the soundness and stability of its banks (Misure […]

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19 February: Heads of State and Government agree on principles governing relationship euro in’s and out’s

February 20, 2016

Following the UK's request for a New Settlement within the EU and in light of the British referendum on EU membership to be held on 23 June 2016, the Heads of State and Government during their European Council meeting of 18/19 February agreed (next to issues relating to for example social benefits and free movement, […]

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18 February: Advocate General publishes opinion on state aid and bail-in in Slovenia

February 18, 2016

In a preliminary reference following the first reference ever by the Slovenian Constitutional Court (see the earlier comment by Samo Bardutzki) Advocate General Wahl of the European Court of Justice has published his Opinion (Case C‑526/14, Kotnik). According to Wahl the so-called Banking Communication of the European Commission on the application of state aid rules […]

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22 February: Italy presents long-term view on EMU

February 22, 2016

On Monday 22 February Italy presented a government paper on a "Shared European Policy Strategy for Growth, Jobs, and Stability". On the long term EMU the paper states: "To make the monetary union really irreversible we must manage our European common house by adopting a systemic, common vision. A stronger monetary union needs strong common […]

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