This means that, for the foreseeable future, control of fiscal policy in Europe will remain at the national level. In this area, deeper integration still lies beyond the horizon. 3. Banking union – the reality of today  At this point in time, a fiscal union remains more of a vision than of a concrete step to be taken anytime soon.
However, in another area, Europe has just taken a significant step towards deeper integration. On 4 November 2014, the European Central Bank assumed direct supervision of the largest banks in the euro area – thereby erecting the first pillar of a European banking union.