The banking union seeks to address some of the main causes of the financial crisis, such as the weak oversight of some banks and the link between banks and sovereigns, which amplified the crisis.
By creating a level playing field and making sure that the control of banks BIS central bankers’ speeches  1  is at arm’s length from local politics, the banking union will lead to a more resilient and efficient banking system. This in turn will benefit the economy and, consequently, every European citizen.