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European Banking Union Faces Long Road Ahead

The European Commission’s detailed proposal for a “banking union” marks an important step toward bringing the Euro crisis under control and securing a sustainable future for Europe.

However, it also underscores just how much still needs to be done and how many political disputes still need to be fought before such a union can be implemented.

Most observers agree that key features of a so-called banking union should include:

Europe has needed these things for years to make a fully integrated market in financial services truly workable. However, it took the Euro crisis to raise the stakes high enough to overcome the opposition of entrenched interests.

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