The Banking Union must contain both ingredients: a single supervisory mechanism and a single resolution mechanism, flanked by a single deposit insurance scheme. The recent proposal by the European Commission points precisely in that direction.7 The Banking Union will be an important step towards the completion of fully integrated European Union.
Roger W Ferguson, Jr: Basel II - some issues for implementation Speech by Mr Roger W Ferguson, Jr, Vice Chairman of the Board of Governors of the US Federal Reserve System, at the Basel Sessions 2003, Institute of International Finance, New York, 17 June 2003.