New institutional arrangements for bank supervision and resolution were needed to match the integrated structures of banking business. As a part of the economic and monetary union and as a remedy for future financial crisis, the EU leaders agreed in June 2012 on creating the Banking Union.
In the future, the Banking Union will help us resolve banking problems while avoiding using taxpayers’ money for bailouts. The Banking Union also means a more stable financial system in Europe as the likelihood of problems is reduced. The Single Rulebook provided the foundation for the Banking Union.