This leap in integration is mainly characterised by the establishment of the European banking union, which will comprise of a single supervisory mechanism, a single resolution mechanism and harmonised deposit insurance. The single supervisory mechanism, the first pillar so far, went to work on 4 November 2014.
BIS central bankers’ speeches  1  The NIS, insurance companies and pension funds are the main sources of long term funds. They need investments which will yield a dependable stream of income over many years.