The EU’s crisis response and the banking union Dear students, having asked you to reflect on your role within the Union, it is only fair to tell you about how I do my part. A large portion of my professional life since 2012 has been devoted to the creation of the European banking union.
To understand how the banking union came about, we have to go back to the financial crisis. In the EU, it began as a crisis of the banking system and turned quickly from a financial crisis into the Great Recession. And many of the troubled banks held large amounts of their own governments’ debt.