  The Single Supervisory Mechanism is just one pillar of the banking union, however. The Single Resolution Mechanism (SRM), which is scheduled to enter into force at the start of 2016, will introduce a European resolution authority and a bank resolution fund. 1. What are the aims of the banking union?
The emerging banking union comes with many expectations:   the integration of the financial markets is to be promoted,    risks of banks and governments untangled, and    the stability of banks improved. 1  Börsenzeitung of 21 May 2013. BIS central bankers’ speeches  1  Similar expectations were attached to the introduction of the euro.