The Single Market is far from fully developed in all sectors. One example is the banking sector. There has been a tradition to see banks as companies requiring special protection – and ultimately government support in order to survive.
With the Banking Union a big step has been taken in the direction of allowing banks to function on market terms – without compromising financial stability. The Single Supervisory Mechanism and the Single Resolution Mechanism go a long way in establishing a level playing field for banks. Side 6 af 8  It opens up for much wider cross border competition in financial services.