A major consequence of the crisis has therefore been the so-called banking union – a change in rules and institutions governing euro area banks. Of the various reforms the euro area has witnessed in the last years, I find that these reforms have had the greatest impact so far.
In order to address implementation issues and facilitate a smoother transition, the RBI has set up a Working Group comprising professionals with experience in IFRS implementation, bankers and RBI staff engaged in regulation and supervision.” KYC and AML standards 43.