But it is the other initiative that I want to concentrate on today: the decision by the European Summit of June 2012 to create a Banking Union. Banking Union is a structural and institutional step with wide implications for the deepening of European integration.
The political sign of Member States willingness to further increase their interdependence by sharing sovereign power was in itself a game changer for the markets. BIS central bankers’ speeches  1  As you may recall, the whole idea of launching a single European supervisor was born as a consequence of the decision to prepare direct European recapitalisation of weak banks.