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class="vector-toc-numb">2</span> <span>Background and formation</span> </div> </a> <ul id="toc-Background_and_formation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Single_Rulebook" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Single_Rulebook"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Single Rulebook</span> </div> </a> <ul id="toc-Single_Rulebook-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-European_Banking_Supervision" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#European_Banking_Supervision"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>European Banking Supervision</span> </div> </a> <ul id="toc-European_Banking_Supervision-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Single_Resolution_Mechanism" class="vector-toc-list-item vector-toc-level-1 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class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" 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class="firstHeading mw-first-heading"><span class="mw-page-title-main">European banking union</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 15 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-15" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">15 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF_%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A" title="الاتحاد المصرفي – Arabic" lang="ar" hreflang="ar" data-title="الاتحاد المصرفي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D0%BE%D0%B2_%D1%81%D1%8A%D1%8E%D0%B7" title="Банков съюз – Bulgarian" lang="bg" hreflang="bg" data-title="Банков съюз" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Uni%C3%B3_banc%C3%A0ria" title="Unió bancària – Catalan" lang="ca" hreflang="ca" data-title="Unió bancària" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Bankovn%C3%AD_unie" title="Bankovní unie – Czech" lang="cs" hreflang="cs" data-title="Bankovní unie" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/EU%27s_bankunion" title="EU's bankunion – Danish" lang="da" hreflang="da" data-title="EU's bankunion" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Europ%C3%A4ische_Bankenunion" title="Europäische Bankenunion – German" lang="de" hreflang="de" data-title="Europäische Bankenunion" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Uni%C3%B3n_bancaria_de_la_Uni%C3%B3n_Europea" title="Unión bancaria de la Unión Europea – Spanish" lang="es" hreflang="es" data-title="Unión bancaria de la Unión Europea" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Union_bancaire" title="Union bancaire – French" lang="fr" hreflang="fr" data-title="Union bancaire" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Bankovna_unija_(EU)" title="Bankovna unija (EU) – Croatian" lang="hr" hreflang="hr" data-title="Bankovna unija (EU)" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Unione_bancaria" title="Unione bancaria – Italian" lang="it" hreflang="it" data-title="Unione bancaria" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Bankenunie" title="Bankenunie – Dutch" lang="nl" hreflang="nl" data-title="Bankenunie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Den_europeiske_bankunion" title="Den europeiske bankunion – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Den europeiske bankunion" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Euroopan_pankkiunioni" title="Euroopan pankkiunioni – Finnish" lang="fi" hreflang="fi" data-title="Euroopan pankkiunioni" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Bankunionen" title="Bankunionen – Swedish" lang="sv" hreflang="sv" data-title="Bankunionen" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%84%D0%B2%D1%80%D0%BE%D0%BF%D0%B5%D0%B9%D1%81%D1%8C%D0%BA%D0%B8%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA%D1%96%D0%B2%D1%81%D1%8C%D0%BA%D0%B8%D0%B9_%D1%81%D0%BE%D1%8E%D0%B7" title="Європейський банківський союз – Ukrainian" lang="uk" hreflang="uk" data-title="Європейський банківський союз" data-language-autonym="Українська" data-language-local-name="Ukrainian" 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<div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">European policy</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Bankenunion_AG" class="mw-redirect" title="Bankenunion AG">Bankenunion AG</a>.</div> <p>The <b>European banking union</b> refers to the transfer of responsibility for banking policy from the member state-level to the union-wide level in several <a href="/wiki/EU_member_states" class="mw-redirect" title="EU member states">EU member states</a>, initiated in 2012 as a response to the 2009 <a href="/wiki/European_debt_crisis" class="mw-redirect" title="European debt crisis">Eurozone crisis</a>. The motivation for the banking union was the fragility of numerous banks in the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a>, and the identification of a vicious circle between credit conditions for these banks and the <a href="/wiki/Sovereign_credit" title="Sovereign credit">sovereign credit</a> of their respective home countries ("bank-sovereign vicious circle"). In several countries, private debts arising from a property <a href="/wiki/Economic_bubble" title="Economic bubble">bubble</a> were transferred to the respective sovereign as a result of banking system <a href="/wiki/Bailout" title="Bailout">bailouts</a> and government responses to slowing economies post-bubble. Conversely, weakness in sovereign credit resulted in deterioration of the balance sheet position of the banking sector, not least because of high domestic sovereign exposures of the banks. </p><p>As of mid-2020, the Banking union of the European Union largely consists of two main initiatives, <a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a> and the <a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a>, which are based upon the EU's "single rulebook" or common financial regulatory framework.<sup id="cite_ref-comprehensive_1-0" class="reference"><a href="#cite_note-comprehensive-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The SSM took up its authority on 4 November 2014, and the SRM entered into full force on 1 January 2015.<sup id="cite_ref-:0_2-0" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Most accounts of banking union view it as incomplete in the absence of a European <a href="/wiki/Deposit_insurance" title="Deposit insurance">deposit insurance</a>. The <a href="/wiki/European_Commission" title="European Commission">European Commission</a> made a legislative proposal for a Deposit Insurance Scheme in November 2015,<sup id="cite_ref-EDIS_3-0" class="reference"><a href="#cite_note-EDIS-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> but it has not been adopted by the EU co-legislators. </p><p>Until October 2020, the geographical scope of the European Banking Union was identical to that of the <a href="/wiki/Eurozone" title="Eurozone">euro area</a>. Other non-euro member states may join the European Banking Union under a procedure known as close cooperation. <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a> and <a href="/wiki/Croatia" title="Croatia">Croatia</a> initiated requests for close cooperation, in July 2018 and May 2019 respectively. Following a formal approval of these requests in June 2020, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> started supervising the larger Bulgarian and Croatian banks on 1 October 2020.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In December 2023 <a href="/wiki/Italy" title="Italy">Italy</a>'s <a href="/wiki/Chamber_of_Deputies_(Italy)" title="Chamber of Deputies (Italy)">lower house of parliament</a> voted against reforming the euro zone bailout fund <a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">ESM</a> preventing parliament from approving the same reform text in the six months to come,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and blocking implementation of the <a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="Removed unreliable source (July 2024)">citation needed</span></a></i>]</sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Name">Name</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=1" title="Edit section: Name"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The earliest recorded public use<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> of the expression "banking union" in the <a href="/wiki/Eurozone_crisis" class="mw-redirect" title="Eurozone crisis">Eurozone crisis</a> context was in an article by scholar <a href="/wiki/Nicolas_V%C3%A9ron" title="Nicolas Véron">Nicolas Véron</a> published near-simultaneously by <a href="/wiki/Bruegel_(institution)" class="mw-redirect" title="Bruegel (institution)">Bruegel</a>, the <a href="/wiki/Peterson_Institute_for_International_Economics" title="Peterson Institute for International Economics">Peterson Institute for International Economics</a> and VoxEU.org (a website of <a href="/wiki/Centre_for_Economic_Policy_Research" title="Centre for Economic Policy Research">CEPR</a>) in December 2011.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> It paralleled the earlier advocacy of <a href="/wiki/Fiscal_union" title="Fiscal union">fiscal union</a> by various observers and policymakers in the same context, especially in Germany in the second half of 2011.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> According to Véron, the expression had been suggested to him by European Commission official Maarten Verwey.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> From April 2012, the expression was later popularised by the financial press, initially with reference to its use by Bruegel scholars.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> From June 2012 onward, it was increasingly used in the public policy debate, including by the European Commission.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Background_and_formation">Background and formation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=2" title="Edit section: Background and formation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The integration of <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">bank regulation</a> has long been sought by EU policymakers, as a complement to the <a href="/wiki/European_Single_Market" class="mw-redirect" title="European Single Market">internal market</a> for capital and, from the 1990s on, of the <a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">single currency</a>. However, powerful political obstacles including the willingness of member states to retain instruments of <a href="/wiki/Financial_repression" title="Financial repression">financial repression</a> and <a href="/wiki/Economic_nationalism" title="Economic nationalism">economic nationalism</a> led to the failure of prior attempts to create a European framework for banking supervision, including during the negotiation of the <a href="/wiki/Maastricht_Treaty" title="Maastricht Treaty">Maastricht Treaty</a> in 1991 and of the <a href="/wiki/Treaty_of_Nice" title="Treaty of Nice">Treaty of Nice</a> in 2000. During the 2000s, the emergence of pan-European banking groups through cross-border <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> (such as the purchases of <a href="/wiki/Abbey_National" title="Abbey National">Abbey National</a> by <a href="/wiki/Santander_Group" class="mw-redirect" title="Santander Group">Santander Group</a>, <a href="/wiki/HypoVereinsbank" title="HypoVereinsbank">HypoVereinsbank</a> by <a href="/wiki/UniCredit" title="UniCredit">UniCredit</a> and <a href="/wiki/Banca_Nazionale_del_Lavoro" title="Banca Nazionale del Lavoro">Banca Nazionale del Lavoro</a> by <a href="/wiki/BNP_Paribas" title="BNP Paribas">BNP Paribas</a>) led to renewed calls for banking policy integration, not least by the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> but with limited policy action beyond the creation of the <a href="/wiki/Committee_of_European_Banking_Supervisors" title="Committee of European Banking Supervisors">Committee of European Banking Supervisors</a> in 2004. </p><p>Deterioration of credit conditions during the <a href="/wiki/Eurozone_crisis" class="mw-redirect" title="Eurozone crisis">Eurozone crisis</a>, and specifically the contagion of financial instability to larger member states of the <a href="/wiki/Euro_area" class="mw-redirect" title="Euro area">euro area</a> from the middle of 2011, led to renewed thinking about the interdependence between banking policy, financial integration, and financial stability. On 17 April 2012, IMF managing director <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a> renewed the institution's earlier calls for banking policy integration by specifically referring to the need for the euro monetary union to be "...supported by stronger financial integration which our analysis suggests be in the form of unified supervision, a single <a href="/wiki/Bank_resolution" class="mw-redirect" title="Bank resolution">bank resolution</a> authority with a common backstop, and a single deposit insurance fund."<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The following week on 25 April 2012, <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> President <a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a> echoed this call by noting in a speech before the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> that "Ensuring a well-functioning EMU implies strengthening banking supervision and resolution at European level".<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Suggestions for more integrated European banking supervision were further discussed during an informal European Council meeting on 23 May 2012, and appear to have been backed at the time by French President <a href="/wiki/Fran%C3%A7ois_Hollande" title="François Hollande">François Hollande</a>, Italian Prime Minister <a href="/wiki/Mario_Monti" title="Mario Monti">Mario Monti</a>, and <a href="/wiki/European_Commission" title="European Commission">European Commission</a> President <a href="/wiki/Jos%C3%A9_Manuel_Barroso" title="José Manuel Barroso">José Manuel Barroso</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> German Chancellor <a href="/wiki/Angela_Merkel" title="Angela Merkel">Angela Merkel</a> signalled a degree of convergence on this agenda when declaring on 4 June 2012, that European leaders "will also talk about to what extent we have to put systemically (important) banks under a specific European oversight".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Another milestone was the report delivered on 26 June 2012, by <a href="/wiki/European_Council" title="European Council">European Council</a> President <a href="/wiki/Herman_Van_Rompuy" title="Herman Van Rompuy">Herman Van Rompuy</a>, which called for deeper integration in the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> and proposed major changes in four areas. First, it called for a banking union encompassing direct recapitalisation of banks by the <a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">European Stability Mechanism</a>, a common financial supervisor, a common bank resolution scheme and a deposit guarantee fund. Second, the proposals for a <a href="/wiki/Fiscal_union" title="Fiscal union">fiscal union</a> included a strict supervision of eurozone countries' budgets, and calls for <a href="/wiki/Eurobond_(eurozone)" title="Eurobond (eurozone)">eurobonds</a> in the medium term. Third, it called for more integration on economic policy, and fourth, for the strengthening of democratic legitimacy and accountability. The latter is generally envisioned as giving supervisory powers to the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> in financial matters and in reinforcing the political union. A new treaty would be required to enact the proposed changes.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>The key moment of decision was a summit of <a href="/wiki/Euro_area" class="mw-redirect" title="Euro area">euro area</a> heads of state and government on 28–29 June 2012. The summit's brief statement, published early on 29 June, began with a declaration of intent, "We affirm that it is imperative to break the vicious circle between banks and sovereigns," which was later repeated in numerous successive communications of the <a href="/wiki/European_Council" title="European Council">European Council</a>. It followed by announcing two major policy initiatives: first, the creation of <a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a> under the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>'s central authority, using Article 127(6) of the <a href="/wiki/Treaty_on_the_Functioning_of_the_European_Union" title="Treaty on the Functioning of the European Union">Treaty on the Functioning of the European Union</a>; and second, "when an effective single supervisory mechanism is established," the possibility of direct bank recapitalisation by the <a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">European Stability Mechanism</a>, possibly with retroactive effect in the case of Spain and Ireland.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>In the following weeks, the German government quickly backtracked on the commitment about direct bank recapitalisation by the ESM.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> In September 2012, it was joined on this stance by the governments of <a href="/wiki/Finland" title="Finland">Finland</a> and the <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Eventually, such conditions were put on the ESM direct recapitalisation instrument that, as of September 2014, it has never been activated. However, the establishment of <a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a> proceeded apace. Furthermore, in December 2012 the <a href="/wiki/European_Council" title="European Council">European Council</a> announced the creation of the <a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a>. Europe's banking union has been identified by many analysts and policymakers as a major structural policy initiative that has played a significant role in addressing the <a href="/wiki/Eurozone_crisis" class="mw-redirect" title="Eurozone crisis">Eurozone crisis</a>.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Single_Rulebook">Single Rulebook</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=3" title="Edit section: Single Rulebook"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The single rulebook is a name for the EU laws that collectively govern the financial sector across the entire European Union.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ceurulebook_24-0" class="reference"><a href="#cite_note-ceurulebook-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The provisions of the single rulebook are set out in three main legislative acts:<sup id="cite_ref-ceurulebook_24-1" class="reference"><a href="#cite_note-ceurulebook-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <ul><li><a href="/wiki/Capital_Requirements_Regulation_and_Directive" class="mw-redirect" title="Capital Requirements Regulation and Directive">Capital Requirements Regulation and Directive</a> (also known as CRD IV; Regulation (EU) No 575/2013 of 26 June 2013; Directive 2013/36/EU of 26 June 2013), which implements the <a href="/wiki/Basel_III" title="Basel III">Basel III</a> <a href="/wiki/Capital_requirement" title="Capital requirement">capital requirements</a> for banks.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup></li> <li>Deposit Guarantee Scheme Directive (DGSD; Directive 2014/49/EU of 16 April 2014), which regulates <a href="/wiki/Deposit_insurance" title="Deposit insurance">deposit insurance</a> in case of a bank's inability to pay its debts.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li> <li>Bank Recovery and Resolution Directive (BRRD; Directive 2014/59/EU of 15 May 2014), which establishes a framework for the recovery and resolution of credit institutions and investment firms in danger of failing.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="European_Banking_Supervision">European Banking Supervision</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=4" title="Edit section: European Banking Supervision"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:European_central_bank_euro_frankfurt_germany.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/European_central_bank_euro_frankfurt_germany.jpg/220px-European_central_bank_euro_frankfurt_germany.jpg" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/European_central_bank_euro_frankfurt_germany.jpg/330px-European_central_bank_euro_frankfurt_germany.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/European_central_bank_euro_frankfurt_germany.jpg/440px-European_central_bank_euro_frankfurt_germany.jpg 2x" data-file-width="2272" data-file-height="3029" /></a><figcaption>The <a href="/wiki/Eurotower_(Frankfurt_am_Main)" title="Eurotower (Frankfurt am Main)">Eurotower</a>, home of the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> supervisory staff</figcaption></figure> <p>The first pillar of the banking union is European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), which grants the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> (ECB) a leading supervisory role over banks in the euro area.<sup id="cite_ref-IP-12-953_33-0" class="reference"><a href="#cite_note-IP-12-953-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> Participation is automatic for all euro area member states, and optional for other EU member states through the process known as "close cooperation" established by the SSM Regulation of October 2013. </p><p>While all banks in participating states will be under the supervision of the ECB, this is carried out in co-operation with national supervisors. The banking groups designated by the SSM as "significant institutions", including all those with assets greater than 30 billion euros or 20% of the GDP of the member state where they are based, are directly supervised by the ECB.<sup id="cite_ref-SSMEP_34-0" class="reference"><a href="#cite_note-SSMEP-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Smaller banks, known in the banking union as "less significant institutions", remain directly monitored by the national supervisory authorities of the member state in which they are established, even though the ECB has indirect supervisory oversight and also the authority to take over direct supervision of any bank.<sup id="cite_ref-SSMEP_34-1" class="reference"><a href="#cite_note-SSMEP-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The ECB's monitoring regime includes conducting <a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">stress tests</a> on financial institutions.<sup id="cite_ref-SSMEP_34-2" class="reference"><a href="#cite_note-SSMEP-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> If problems are found, the ECB will have the ability to conduct early intervention in the bank to rectify the situation, such as by setting capital or risk limits or by requiring changes in management. </p><p>The SSM was enacted through Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions,<sup id="cite_ref-R10242013_35-0" class="reference"><a href="#cite_note-R10242013-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> known as the SSM Regulation. Significantly, since this EU Regulation is based on Article 127(6) <a href="/wiki/Treaty_on_the_Functioning_of_the_European_Union" title="Treaty on the Functioning of the European Union">TFEU</a>, it was adopted by unanimity of the <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council</a>, with only a consultative role for the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a>. To secure the consent of the United Kingdom, however, it was critical to simultaneously adopt a reform of the <a href="/wiki/European_Banking_Authority" title="European Banking Authority">EBA</a> Regulation of 2010 (Regulation (EU) No 1022/2013 of the European Parliament and of the Council of 22 October 2013 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (<a href="/wiki/European_Banking_Authority" title="European Banking Authority">European Banking Authority</a>) as regards the conferral of specific tasks on the European Central Bank pursuant to Council Regulation (EU) No 1024/2013<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup>), which in practice gave the European Parliament a veto and thus a significant role in the legislative process. Any future modification of the SSM Regulation may also require unanimity of the council. </p><p>The <a href="/wiki/European_Commission" title="European Commission">European Commission</a> released their proposal for the SSM in September 2012.<sup id="cite_ref-IP-12-953_33-1" class="reference"><a href="#cite_note-IP-12-953-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The European Parliament and Council agreed on the specifics of the SSM on 19 March 2013.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-agree_38-0" class="reference"><a href="#cite_note-agree-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> The Parliament voted in favour of the SSM and EBA Regulations on 12 September 2013,<sup id="cite_ref-SSMEP_34-3" class="reference"><a href="#cite_note-SSMEP-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a> gave their approval on 15 October 2013.<sup id="cite_ref-CSSM_39-0" class="reference"><a href="#cite_note-CSSM-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>As set in the SSM Regulation, the ECB assumed its supervisory authority on 4 November 2014.<sup id="cite_ref-R10242013_35-1" class="reference"><a href="#cite_note-R10242013-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Single_Resolution_Mechanism">Single Resolution Mechanism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=5" title="Edit section: Single Resolution Mechanism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Single_Resolution_Fund_members.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Single_Resolution_Fund_members.svg/220px-Single_Resolution_Fund_members.svg.png" decoding="async" width="220" height="232" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Single_Resolution_Fund_members.svg/330px-Single_Resolution_Fund_members.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Single_Resolution_Fund_members.svg/440px-Single_Resolution_Fund_members.svg.png 2x" data-file-width="655" data-file-height="690" /></a><figcaption>Signatories of the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#0088cc; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> within the eurozone</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#2CA089; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> outside the eurozone (applying the treaty)</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#FFFF00; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> outside the eurozone (not applying the treaty)</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#ffbbbb; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> Signatories that have not ratified</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#ff6666; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> EU members that may accede to the treaty</div></figcaption></figure> <p>The Single Resolution Mechanism (SRM) was created to centrally implement the Bank Recovery and Resolution Directive in banking union countries, including a <a href="/wiki/Single_Resolution_Fund" class="mw-redirect" title="Single Resolution Fund">Single Resolution Fund</a> (SRF) to finance resolution operations.<sup id="cite_ref-SRMprop_40-0" class="reference"><a href="#cite_note-SRMprop-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> The SRF is valued at 1% of covered deposits of all credit institutions authorised in the participating member states (estimated at 55 billion euros), to be filled with contributions by participating banks during an eight-year establishment phase ending on 31 December 2023.<sup id="cite_ref-IGASIGN_41-0" class="reference"><a href="#cite_note-IGASIGN-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-SRMFAQ_42-0" class="reference"><a href="#cite_note-SRMFAQ-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-EPSRM_43-0" class="reference"><a href="#cite_note-EPSRM-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> A key motivation is to alleviate the impact of failing banks on the sovereign debt of individual states and thus to mitigate the bank-sovereign vicious circle.<sup id="cite_ref-SRMprop_40-1" class="reference"><a href="#cite_note-SRMprop-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-bbc2_44-0" class="reference"><a href="#cite_note-bbc2-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-active_45-0" class="reference"><a href="#cite_note-active-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> All EU member states participating in the SSM, any those non-euro countries with a "close cooperation" agreement, are also participants in the SRM.<sup id="cite_ref-SRMR_46-0" class="reference"><a href="#cite_note-SRMR-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Single_Resolution_Board" title="Single Resolution Board">Single Resolution Board</a>, a new agency established as the institutional hub of the SRM, is directly responsible for the resolution of significant institutions supervised by the ECB.<sup id="cite_ref-SRMFAQ_42-1" class="reference"><a href="#cite_note-SRMFAQ-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>The SRM was enacted through a legislative act known as the SRM Regulation ("Regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council"<sup id="cite_ref-SRMR_46-1" class="reference"><a href="#cite_note-SRMR-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-52013PC0520_47-0" class="reference"><a href="#cite_note-52013PC0520-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup>). In addition, an <a href="/wiki/Enhanced_cooperation#Related_intergovernmental_treaties" title="Enhanced cooperation">intergovernmental agreement</a> (IGA) was made to govern the specifics of how the SRF would be financed ("Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund"<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup>). The SRM Regulation was proposed by the <a href="/wiki/European_Commission" title="European Commission">European Commission</a> in July 2013.<sup id="cite_ref-SRMprop_40-2" class="reference"><a href="#cite_note-SRMprop-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> The Parliament and the Council of the European Union reached an agreement on the Regulation on 20 March 2014.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> approved the Regulation on 15 April,<sup id="cite_ref-EPSRM_43-1" class="reference"><a href="#cite_note-EPSRM-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-SRMSTATE_50-0" class="reference"><a href="#cite_note-SRMSTATE-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> and the Council followed suit on 14 July 2014,<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> leading to its entry into force on 19 August 2014.<sup id="cite_ref-Regulation_806/2014_52-0" class="reference"><a href="#cite_note-Regulation_806/2014-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> The Intergovernmental Agreement (IGA) was signed by all 26 <a href="/wiki/EU_member_states" class="mw-redirect" title="EU member states">EU member states</a> on 21 May 2014, excluding Sweden.<sup id="cite_ref-IGASIGN_41-1" class="reference"><a href="#cite_note-IGASIGN-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-SRMSTATE_50-1" class="reference"><a href="#cite_note-SRMSTATE-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> Its entry into force was conditional on the Agreement being ratified by states representing 90% of the <a href="/wiki/Voting_in_the_Council_of_the_European_Union#Qualified_majority_voting" title="Voting in the Council of the European Union">weighted vote</a> of SSM and SRM participating states.<sup id="cite_ref-IGASIGN_41-2" class="reference"><a href="#cite_note-IGASIGN-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> This was achieved on 30 November 2015, when all participating states apart from Greece and Luxembourg had ratified.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-depositary_55-0" class="reference"><a href="#cite_note-depositary-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> Greece ratified on 7 December. The agreement entered into force on 1 January 2016 for SSM and SRM participating states.<sup id="cite_ref-IGASIGN_41-3" class="reference"><a href="#cite_note-IGASIGN-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Luxembourg subsequently ratified on 11 January 2016. </p> <div class="mw-heading mw-heading2"><h2 id="European_deposit_insurance_and_regulatory_treatment_of_sovereign_exposures">European deposit insurance and regulatory treatment of sovereign exposures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=6" title="Edit section: European deposit insurance and regulatory treatment of sovereign exposures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>From the start in early 2012, advocates of banking union have insisted on the need to set up a European deposit insurance in order to break the bank-sovereign vicious circle.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> This component of the banking union has been initially more controversial than the SSM or SRM, however, because of the strong signal it entails of cross-border risk-sharing. In November 2015, the European Commission published a legislative proposal for a European Deposit Insurance Scheme (EDIS),<sup id="cite_ref-EDIS_3-1" class="reference"><a href="#cite_note-EDIS-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> but this did not get traction in the ensuing legislative process, even after the Commission in October 2017 watered down its project by suggesting a partial implementation.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> In June 2019, the European Commission conceded that an entirely new proposal might be needed to bring the vision of European deposit insurance to fruition.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p><p>One reason for the failure of the EDIS proposal is that it embedded an imbalanced approach to breaking the bank-sovereign vicious circle, as it only tackled one key component of that vicious circle – the fact that deposit insurance is only provided at the national level – while leaving intact another one – namely, the continued existence of concentrated domestic sovereign exposures in most euro-area banks, or in other words, the fact that euro-area banks appear to give preference to their home country in their allocation of credit to governments despite the absence of <a href="/wiki/Foreign_exchange_risk" title="Foreign exchange risk">exchange rate risk</a> within the monetary union. The financial and political salience of this challenge, widely referred to as "regulatory treatment of sovereign exposures" (RTSE), was not immediately recognized in the early debates about the banking union. In 2015-2016 a high-level working group of the <a href="/wiki/Economic_and_Financial_Committee_(European_Union)" title="Economic and Financial Committee (European Union)">EFC</a> chaired by <a href="/w/index.php?title=Per_Callesen&action=edit&redlink=1" class="new" title="Per Callesen (page does not exist)">Per Callesen</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://da.wikipedia.org/wiki/Per_Callesen" class="extiw" title="dk:Per Callesen">dk</a>]</span><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> explored options to tackle concentrated exposures, but no consensus was achieved and the final report was not made public. </p><p>The link between the two themes of European deposit insurance and RTSE has been acknowledged by EU officials<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> and embedded in negotiating frameworks of the council.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> As of mid-2020, however, no tangible progress has been achieved on reaching a policy consensus. </p> <div class="mw-heading mw-heading2"><h2 id="Geographical_scope_and_close_cooperation">Geographical scope and close cooperation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=7" title="Edit section: Geographical scope and close cooperation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 20 <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> member states automatically participate in <a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a> and the <a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a> (SRM).<sup id="cite_ref-eurozone_62-0" class="reference"><a href="#cite_note-eurozone-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p><p>Since the EU treaties only give the ECB jurisdiction over <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> states, legally it cannot enforce measures in non-eurozone states. This would prevent the ECB from effectively carrying out its supervisory role in these states. Under the European Treaties, non-eurozone countries do not have the right to vote in the ECB's Governing Council and in return are not bound by the ECB's decisions. Non-eurozone countries cannot become full members of the SSM and SRM in the sense of having the same rights and obligations as <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> members. However, non-eurozone EU member states can enter into a "close cooperation agreement" on the SSM with the ECB. The banks in that country are then supervised by the ECB and the country gains a seat in the <a href="/wiki/ECB_Supervisory_Board" class="mw-redirect" title="ECB Supervisory Board">ECB Supervisory Board</a>.<sup id="cite_ref-CSSM_39-1" class="reference"><a href="#cite_note-CSSM-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> It would allow banks in that country to be supervised by the ECB provided that they have mechanisms in place to make ECB measures binding upon national authorities. A "close cooperation" agreement can be ended by the ECB or by the participating non-eurozone member state.<sup id="cite_ref-SSMEP_34-4" class="reference"><a href="#cite_note-SSMEP-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The text of the SRM stipulates that all states participating in the SSM, including those non-eurozone states with a "close cooperation" agreement, will automatically be participants in the SRM.<sup id="cite_ref-SRMR_46-2" class="reference"><a href="#cite_note-SRMR-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Bulgaria">Bulgaria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=8" title="Edit section: Bulgaria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first request to enter into "close cooperation" was made by <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a> on 18 July 2018.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>Bulgaria's Finance Minister, <a href="/wiki/Vladislav_Goranov" title="Vladislav Goranov">Vladislav Goranov</a>, stated in July 2017 that his country would not participate prior to euro adoption.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> However, after pressure from the ECB to begin participating in the European Banking Union prior to joining the <a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">European Exchange Rate Mechanism</a> (ERM II), Goranov said in June 2018 that Bulgaria would join the European Banking Union within a year.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> Bulgaria sent a letter to the <a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a> in July 2018 on its desire to participate in ERM II, and commitment to enter into a "close cooperation" agreement with the Banking Union.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> The ECB governing council decided on 24 June 2020 to establish a close cooperation with the Bulgarian central bank. The close cooperation entered into force on 1 October 2020.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a> thus receives a representative with voting rights on the <a href="/wiki/ECB_Supervisory_Board" class="mw-redirect" title="ECB Supervisory Board">ECB Supervisory Board</a> and on 1 October 2020, the European Central Bank started supervising the larger Bulgarian banks after the completion of a significance assessment process.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Croatia">Croatia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=9" title="Edit section: Croatia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Croatia likewise submitted a request for closer cooperation in May 2019, as part of its efforts to join the ERM II.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Croatia" title="Croatia">Croatia</a> was expected to join the European Banking Union and <a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">ERM II</a> by July 2020. The ECB governing council decided on 24 June 2020 to establish a close cooperation with the Croatian central bank. The close cooperation entered into force on 1 October 2020.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Croatian_National_Bank" title="Croatian National Bank">Croatian National Bank</a> thus receives a representative with voting rights on the <a href="/wiki/ECB_Supervisory_Board" class="mw-redirect" title="ECB Supervisory Board">ECB Supervisory Board</a> and on 1 October 2020, the European Central Bank started supervising the larger Croatian banks after the completion of a significance assessment process.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> Croatia joined the eurozone, and thus became a full member of the European banking union, as of 1 January 2023. </p> <div class="mw-heading mw-heading3"><h3 id="Denmark">Denmark</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=10" title="Edit section: Denmark"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Cabinet_of_Denmark" title="Cabinet of Denmark">Danish government</a> announced in April 2015 its intention to join the European Banking Union.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> Although the <a href="/wiki/Ministry_of_Justice_(Denmark)" title="Ministry of Justice (Denmark)">Ministry of Justice</a> found that the move did not entail any transfer of sovereignty and thus would not automatically require a referendum, the <a href="/wiki/Danish_People%27s_Party" title="Danish People's Party">Danish People's Party</a>, <a href="/wiki/Red%E2%80%93Green_Alliance_(Denmark)" title="Red–Green Alliance (Denmark)">Red Green Alliance</a> and <a href="/wiki/Liberal_Alliance_(Denmark)" title="Liberal Alliance (Denmark)">Liberal Alliance</a> oppose joining the European Banking Union and collectively the three won enough seats in the subsequent <a href="/wiki/2015_Danish_general_election" title="2015 Danish general election">June 2015 election</a> to prevent the <a href="/wiki/Folketing" title="Folketing">Folketing (the Danish parliament)</a> from joining without the approval through a referendum.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> As of July 2017, <a href="/wiki/Denmark" title="Denmark">Denmark</a> was studying joining, with a decision expected in the autumn of 2019.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p><p> On 10 July 2017, the <a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danish Central Bank (Danmarks Nationalbank)</a> published a statement in English on its official website, stating under the section entitled “<i>Danmarks Nationalbank's views on Danish participation</i>”:</p><blockquote><p><i>Danmarks Nationalbank believes that Denmark should join the European banking union. In short, it is Danmarks Nationalbank's assessment that participation will benefit Danish households and firms.</i> </p><p><i>Generally speaking, the banking union will make a positive contribution to financial stability. This is relevant to all of us. As we saw after 2008, a financial crisis can have a severe impact on the economic infrastructure most of us rely on: investments, mortgage loans, business growth opportunities, employment, and government revenue and expenditure. The banking union can be seen as a bulwark against future financial crises. It will also ensure that the impact is less severe if banks do, nevertheless, become distressed.</i> </p><p><i>In addition, there are a number of special factors that make it particularly interesting for Denmark to participate in the banking union.</i> </p><p><i>Some Danish banks and mortgage banks are very large relative to the size of the economy. In Danmarks Nationalbank's assessment, supervision of the largest Danish banks and mortgage banks would be strengthened in the banking union. Danmarks Nationalbank also finds that participation in the banking union would be an advantage if a large Danish bank or mortgage bank ever became distressed. A single, powerful resolution authority would then be better equipped to minimise the adverse effects on the economy and the financial system without the use of public funds.</i> </p><p><i>A level playing field across borders would also enhance competition in the Danish banking market, which would only be to the benefit of Danish households and firms.</i> </p> <p><i>Furthermore, as a member of the banking union, Denmark would have a say when European rules, standards and practices are being established. Inter alia, this means that the mortgage credit model would be more strongly positioned inside than outside the banking union.</i><sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup></p></blockquote><p>In a press release from 19 December 2019, the Danish Ministry of Industry, Business and Financial Affairs quoted Danish Minister for Industry, Business and Financial Affairs, <a href="/wiki/Simon_Kollerup" title="Simon Kollerup">Simon Kollerup</a>, as saying:</p><blockquote><p>... <i>It is the government’s position that there is a need for greater clarity concerning a number of important issues before we can determine our position on Danish participation: Sweden’s position is unclear; work on additional elements of the Banking Union is still ongoing, and the United Kingdom’s future relationship with the EU remains to be finalised. In addition, there is still uncertainty concerning how the new Basel recommendations will be implemented in the EU, which can have significant impact on the framework conditions for the Danish financial sector, regardless of whether we participate in the Banking Union or not.</i> <i>The government will return to the issue when there is greater clarity on these issues, and when we have had a good public debate on possible Danish participation. It is the government’s position that if we end up recommending that Denmark should participate in the Banking Union, a referendum on the issue should be held.</i><sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Sweden">Sweden</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=11" title="Edit section: Sweden"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since the rise in resolution fund fees for Swedish banks to protect against banking failures in 2017,<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> resulting in the move of the headquarters of the biggest bank in Sweden and the entire <a href="/wiki/Nordic_countries" title="Nordic countries">Nordic region</a>, <a href="/wiki/Nordea" title="Nordea">Nordea</a>, from <a href="/wiki/Stockholm" title="Stockholm">Stockholm</a> to the Finnish capital <a href="/wiki/Helsinki" title="Helsinki">Helsinki</a>, which lies within the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> and therefore also within the European Banking Union, there has been discussion about <a href="/wiki/Sweden" title="Sweden">Sweden</a> joining the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>'s Banking Union. Nordea's chairman of the board, Björn Wahlroos, stated that the bank wanted to put itself "on a par with its European peers" in justifying the relocation from Stockholm to Helsinki.<sup id="cite_ref-bankunion_82-0" class="reference"><a href="#cite_note-bankunion-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p><p>The main aim for joining the European Banking Union would be to protect Swedish banks against being "too big to fail". <a href="/wiki/Minister_for_Financial_Markets_(Sweden)" title="Minister for Financial Markets (Sweden)">Sweden's Financial Markets Minister</a> <a href="/wiki/Per_Bolund" title="Per Bolund">Per Bolund</a> said that the country was conducting a study on joining, which was planned to be completed by 2019.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> Critics argue that Sweden will be disadvantaged by joining the banking union because it does not have any voting rights, as it is not a member of the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a>. Swedish Finance Minister <a href="/wiki/Magdalena_Andersson_(Social_Democrat)" class="mw-redirect" title="Magdalena Andersson (Social Democrat)">Madgalena Andersson</a> stated: “<i>You can't ignore the fact that the decision-making can be a little problematic for countries not in the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a></i>.”<sup id="cite_ref-bankunion_82-1" class="reference"><a href="#cite_note-bankunion-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union of the European Union</a></li> <li><a href="/wiki/Capital_Markets_Union" title="Capital Markets Union">Capital Markets Union</a></li> <li><a href="/wiki/European_Single_Market" class="mw-redirect" title="European Single Market">Internal Market of the European Union</a></li> <li><a href="/wiki/Shadow_banking_system" title="Shadow banking system">Shadow Banking</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist 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no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://europa.eu/rapid/press-release_MEMO-14-244_en.htm">"A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>. 28 March 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190723001619/http://europa.eu/rapid/press-release_MEMO-14-244_en.htm">Archived</a> from the original on 23 July 2019<span class="reference-accessdate">. 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Retrieved <span class="nowrap">28 May</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Single+Rulebook&rft.pub=European+Banking+Authority&rft_id=http%3A%2F%2Fwww.eba.europa.eu%2Fregulation-and-policy%2Fsingle-rulebook&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-ceurulebook-24"><span class="mw-cite-backlink">^ <a href="#cite_ref-ceurulebook_24-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ceurulebook_24-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.consilium.europa.eu/policies/ecofin/banking-union?tab=Single-rulebook&lang=en">"Policies – Economic and Financial Affairs – Banking union – Single rulebook"</a>. <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140529104446/http://www.consilium.europa.eu/policies/ecofin/banking-union?tab=Single-rulebook&lang=en">Archived</a> from the original on 29 May 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">28 May</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Policies+%E2%80%93+Economic+and+Financial+Affairs+%E2%80%93+Banking+union+%E2%80%93+Single+rulebook&rft.pub=Council+of+the+European+Union&rft_id=http%3A%2F%2Fwww.consilium.europa.eu%2Fpolicies%2Fecofin%2Fbanking-union%3Ftab%3DSingle-rulebook%26lang%3Den&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://europa.eu/rapid/press-release_MEMO-14-244_en.htm">"A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>. 28 March 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190723001619/http://europa.eu/rapid/press-release_MEMO-14-244_en.htm">Archived</a> from the original on 23 July 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">28 May</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+comprehensive+EU+response+to+the+financial+crisis%3A+substantial+progress+towards+a+strong+financial+framework+for+Europe+and+a+banking+union+for+the+eurozone&rft.pub=European+Commission&rft.date=2014-03-28&rft_id=http%3A%2F%2Feuropa.eu%2Frapid%2Fpress-release_MEMO-14-244_en.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.consilium.europa.eu/policies/ecofin/banking-union?tab=Single-rulebook&subTab=Capital-requirements&lang=en">"Policies – Economic and Financial Affairs – Banking union – Single rulebook – Capital requirements"</a>. <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140529104518/http://www.consilium.europa.eu/policies/ecofin/banking-union?tab=Single-rulebook&subTab=Capital-requirements&lang=en">Archived</a> from the original on 29 May 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">28 May</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Policies+%E2%80%93+Economic+and+Financial+Affairs+%E2%80%93+Banking+union+%E2%80%93+Single+rulebook+%E2%80%93+Capital+requirements&rft.pub=Council+of+the+European+Union&rft_id=http%3A%2F%2Fwww.consilium.europa.eu%2Fpolicies%2Fecofin%2Fbanking-union%3Ftab%3DSingle-rulebook%26subTab%3DCapital-requirements%26lang%3Den&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=CELEX:32013L0036">"Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC"</a>. <i><a href="/wiki/Official_Journal_of_the_European_Union" title="Official Journal of the European Union">Official Journal of the European Union</a></i>. <b>L</b> (176): <span class="nowrap">338–</span>436. 27 June 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210213091010/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32013L0036">Archived</a> from the original on 13 February 2021<span class="reference-accessdate">. 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Retrieved <span class="nowrap">28 May</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Policies+%E2%80%93+Economic+and+Financial+Affairs+%E2%80%93+Banking+union+%E2%80%93+Single+rulebook+%E2%80%93+Bank+recovery+and+resolution+directive&rft.pub=Council+of+the+European+Union&rft_id=http%3A%2F%2Fwww.consilium.europa.eu%2Fpolicies%2Fecofin%2Fbanking-union%3Ftab%3DSingle-rulebook%26subTab%3DBank-recovery-and-resolution%26lang%3Den&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=OJ:JOL_2014_173_R_0008">"Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast)"</a>. <i><a href="/wiki/Official_Journal_of_the_European_Union" title="Official Journal of the European Union">Official Journal of the European Union</a></i>. <b>L</b> (173): <span class="nowrap">190–</span>348. 12 June 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210213091104/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ%3AJOL_2014_173_R_0008">Archived</a> from the original on 13 February 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">22 June</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Official+Journal+of+the+European+Union&rft.atitle=Directive+2014%2F49%2FEU+of+the+European+Parliament+and+of+the+Council+of+16+April+2014+on+deposit+guarantee+schemes+%28recast%29&rft.volume=L&rft.issue=173&rft.pages=%3Cspan+class%3D%22nowrap%22%3E190-%3C%2Fspan%3E348&rft.date=2014-06-12&rft_id=http%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FAUTO%2F%3Furi%3DOJ%3AJOL_2014_173_R_0008&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-IP-12-953-33"><span class="mw-cite-backlink">^ <a href="#cite_ref-IP-12-953_33-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IP-12-953_33-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://europa.eu/rapid/press-release_IP-12-953_en.htm?locale=en">"Commission proposes new ECB powers for banking supervision as part of a banking union"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>. 12 September 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140525171702/http://europa.eu/rapid/press-release_IP-12-953_en.htm?locale=en">Archived</a> from the original on 25 May 2014<span class="reference-accessdate">. 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Retrieved <span class="nowrap">29 May</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Euractiv&rft.atitle=Brussels+unveils+Single+Resolution+Mechanism+for+banking+union&rft.date=2013-07-11&rft_id=http%3A%2F%2Fwww.euractiv.com%2Fvideo%2Fbrussels-unveils-single-resoluti-529242&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> <li id="cite_note-SRMR-46"><span class="mw-cite-backlink">^ <a href="#cite_ref-SRMR_46-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-SRMR_46-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-SRMR_46-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2014-0341">"European Parliament legislative resolution of 15 April 2014 on the proposal for a regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council"</a>. <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a>. 14 May 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140529204642/http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2014-0341">Archived</a> from the original on 29 May 2014<span class="reference-accessdate">. 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Retrieved <span class="nowrap">25 December</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Reuters&rft.atitle=Sweden+considers+joining+EU%27s+banking+union+-+TT+news+agency&rft.date=2017-07-10&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-israel-cenbank-currency%2Fisrael-central-bank-mulls-issuing-digital-currency-for-faster-payments-idUSKBN1EI0D5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_banking_union&action=edit&section=14" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ec.europa.eu/info/business-economy-euro/banking-and-finance/banking-union_en">"The EU Single Market – Banking union"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+EU+Single+Market+%E2%80%93+Banking+union&rft.pub=European+Commission&rft_id=https%3A%2F%2Fec.europa.eu%2Finfo%2Fbusiness-economy-euro%2Fbanking-and-finance%2Fbanking-union_en&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.consilium.europa.eu/policies/ecofin/banking-union?lang=en">"Policies – Economic and Financial Affairs – Banking union"</a>. <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Policies+%E2%80%93+Economic+and+Financial+Affairs+%E2%80%93+Banking+union&rft.pub=Council+of+the+European+Union&rft_id=http%3A%2F%2Fwww.consilium.europa.eu%2Fpolicies%2Fecofin%2Fbanking-union%3Flang%3Den&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://ec.europa.eu/internal_market/finances/banking-union/single-supervisory-mechanism/index_en.htm">"Single Supervisory Mechanism (SSM)"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Single+Supervisory+Mechanism+%28SSM%29&rft.pub=European+Commission&rft_id=http%3A%2F%2Fec.europa.eu%2Finternal_market%2Ffinances%2Fbanking-union%2Fsingle-supervisory-mechanism%2Findex_en.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://ec.europa.eu/internal_market/finances/banking-union/single-resolution-mechanism/index_en.htm">"Single Resolution Mechanism (SRM)"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Single+Resolution+Mechanism+%28SRM%29&rft.pub=European+Commission&rft_id=http%3A%2F%2Fec.europa.eu%2Finternal_market%2Ffinances%2Fbanking-union%2Fsingle-resolution-mechanism%2Findex_en.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankingsupervision.europa.eu/about/thessm/html/index.en.html">"Banking supervision – The Single Supervisory Mechanism"</a>. <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>. 29 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Banking+supervision+%E2%80%93+The+Single+Supervisory+Mechanism&rft.pub=European+Central+Bank&rft.date=2024-01-29&rft_id=https%3A%2F%2Fwww.bankingsupervision.europa.eu%2Fabout%2Fthessm%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=CELEX:52012DC0510">"A Roadmap towards a Banking Union"</a>. <a href="/wiki/European_Commission" title="European Commission">European Commission</a>. 21 February 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+Roadmap+towards+a+Banking+Union&rft.pub=European+Commission&rft.date=2024-02-21&rft_id=http%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FAUTO%2F%3Furi%3DCELEX%3A52012DC0510&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+banking+union" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/RegData/etudes/STUD/2018/619028/IPOL_STU(2018)619028_EN.pdf">Banking Union Essential Terms: Technical Abbreviations & Glossary (EN/DE/FR) 06-07-2018</a>. <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a>.</li> <li><a rel="nofollow" class="external text" href="https://www.nationalbanken.dk/en/publications/themes/Pages/The-banking-union---in-brief.aspx">THE BANKING UNION - IN BRIEF</a>. <a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danmarks Nationalbank</a> (Danish Central Bank).</li> <li><a rel="nofollow" class="external text" href="https://eng.em.dk/news/2019/december/report-from-the-working-group-on-possible-danish-participation-in-the-banking-union/">Report from the Working Group on possible Danish Participation in the Banking Union</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200804195723/https://eng.em.dk/news/2019/december/report-from-the-working-group-on-possible-danish-participation-in-the-banking-union/">Archived</a> 4 August 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Ministry of Industry, Business and Financial Affairs (Denmark).</li> <li><a rel="nofollow" class="external text" href="https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200710~ae2abe1f23.en.html">ECB establishes close cooperation with Bulgaria’s central bank</a>. <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>.</li> <li><a rel="nofollow" class="external text" href="https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200710_1~ead3942902.en.html">ECB establishes close cooperation with Croatia’s central bank</a>. <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>.</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist 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.navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:EU_treaties_and_declarations" title="Template:EU treaties and declarations"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:EU_treaties_and_declarations" title="Template talk:EU treaties and declarations"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:EU_treaties_and_declarations" title="Special:EditPage/Template:EU treaties and declarations"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Founding_treaties_of_the_European_Communities_(1951–1993)_and_Union_(since_1993)_and_related_political_documents319" style="font-size:114%;margin:0 4em"><a href="/wiki/Treaties_of_the_European_Union" title="Treaties of the European Union">Founding treaties</a> of the European <a href="/wiki/European_Communities" title="European Communities">Communities</a> (1951–1993) and <a href="/wiki/European_Union" title="European Union">Union</a> (since 1993) and related political documents</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Treaties_of_the_European_Union" title="Treaties of the European Union">Founding treaties</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Consolidated versions</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Treaty_on_the_Functioning_of_the_European_Union" title="Treaty on the Functioning of the European Union">Treaty on the Functioning of the European Union</a> (1957)</li> <li><a href="/wiki/Treaty_on_European_Union" title="Treaty on European Union">Treaty on European Union</a> (1992)</li> <li><a href="/wiki/Euratom_Treaty" title="Euratom Treaty">Treaty establishing the European Atomic Energy Community</a> (1957)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Amendments</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">In force</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/London_and_Paris_Conferences" title="London and Paris Conferences">Paris</a> (1954)</li> <li><a href="/wiki/Treaty_of_Rome" title="Treaty of Rome">Rome</a> (1957)</li> <li><a href="/wiki/Convention_on_the_association_of_the_Netherlands_Antilles_with_the_European_Economic_Community" title="Convention on the association of the Netherlands Antilles with the European Economic Community">Netherlands Antilles Association Convention</a> (1962)</li> <li><a href="/wiki/Merger_Treaty" title="Merger Treaty">Merger</a> (1965)</li> <li><a href="/wiki/Budgetary_treaties_of_the_European_Communities" title="Budgetary treaties of the European Communities">First Budgetary Treaty</a> (1970)</li> <li><a href="/wiki/Budgetary_treaties_of_the_European_Communities" title="Budgetary treaties of the European Communities">Second Budgetary Treaty</a> (1975)</li> <li><a href="/wiki/Single_European_Act" title="Single European Act">Single European Act</a> (1986)</li> <li><a href="/wiki/Maastricht_Treaty" title="Maastricht Treaty">Maastricht</a> (1992)</li> <li><a href="/wiki/Treaty_of_Amsterdam" title="Treaty of Amsterdam">Amsterdam</a> (1997)</li> <li><a href="/wiki/Treaty_of_Nice" title="Treaty of Nice">Nice</a> (2001)</li> <li><a href="/wiki/Treaty_of_Lisbon" title="Treaty of Lisbon">Lisbon</a> (2007)</li> <li>Protocol 36 (2011)</li> <li><a href="/wiki/European_Stability_Mechanism#Treaty_basis" title="European Stability Mechanism">Article 136</a> (2011)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Unratified</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2015%E2%80%932016_United_Kingdom_renegotiation_of_European_Union_membership" title="2015–2016 United Kingdom renegotiation of European Union membership">Renegotiation of UK membership</a> (2016)</li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Changes in membership</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Accession</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Treaty_of_Accession_1972" title="Treaty of Accession 1972">1972</a></li> <li><a href="/wiki/Treaty_of_Accession_1979" title="Treaty of Accession 1979">1979</a></li> <li><a href="/wiki/Treaty_of_Accession_1985" title="Treaty of Accession 1985">1985</a></li> <li><a href="/wiki/Treaty_of_Accession_1994" title="Treaty of Accession 1994">1994</a></li> <li><a href="/wiki/Treaty_of_Accession_2003" title="Treaty of Accession 2003">2003</a></li> <li><a href="/wiki/Treaty_of_Accession_2005" title="Treaty of Accession 2005">2005</a></li> <li><a href="/wiki/Treaty_of_Accession_2011" title="Treaty of Accession 2011">2011</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Secession</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Withdrawal_of_Greenland_from_the_European_Communities" title="Withdrawal of Greenland from the European Communities">Greenland (1984)</a></li> <li><a href="/wiki/Brexit_withdrawal_agreement" title="Brexit withdrawal agreement">United Kingdom (“Brexit” 2020)</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Unratified</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Treaty_establishing_the_European_Defence_Community" title="Treaty establishing the European Defence Community">Treaty establishing the European Defence Community</a> (1952)</li> <li><a href="/wiki/European_Political_Community_(1952)" title="European Political Community (1952)">Treaty establishing the European Political Community</a> (1952)</li> <li><a href="/wiki/Treaty_establishing_a_Constitution_for_Europe" title="Treaty establishing a Constitution for Europe">Treaty establishing a Constitution for Europe</a> (2004)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Expired or terminated</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Treaty_of_Brussels" title="Treaty of Brussels">Brussels</a> (<a href="/wiki/Western_Union_(alliance)" title="Western Union (alliance)">Western Union</a>, 1948)</li> <li><a href="/wiki/Treaty_of_Brussels#Modification" title="Treaty of Brussels">Modified Brussels</a> (<a href="/wiki/Western_European_Union" title="Western European Union">Western European Union</a>, 1954)</li> <li><a href="/wiki/Treaty_of_Paris_(1951)" title="Treaty of Paris (1951)">Paris</a> (European Coal and Steel Community, 1951)</li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related political documents</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Schuman_Declaration" title="Schuman Declaration">Schuman Declaration</a> (1950)</li> <li><a href="/wiki/Europe_Declaration" title="Europe Declaration">Europe Declaration</a> (1951)</li> <li>Declarations at the <a href="/wiki/London_and_Paris_Conferences" title="London and Paris Conferences">London and Paris Conferences</a> (1954)</li> <li><a href="/wiki/Benelux_memorandum" title="Benelux memorandum">Benelux memorandum</a> (1955)</li> <li><a href="/wiki/Spaak_Report" title="Spaak Report">Spaak Report</a> (1956)</li> <li><a href="/wiki/Fouchet_Plan" title="Fouchet Plan">Fouchet Plan</a> (1961)</li> <li><a href="/wiki/Davignon_report" title="Davignon report">Davignon report</a> (1970)</li> <li><a href="/w/index.php?title=Copenhagen_report&action=edit&redlink=1" class="new" title="Copenhagen report (page does not exist)">Copenhagen report</a> (1973)</li> <li><a href="/w/index.php?title=London_report&action=edit&redlink=1" class="new" title="London report (page does not exist)">London report</a> (1981)</li> <li><a href="/wiki/Solemn_Declaration_on_European_Union" title="Solemn Declaration on European Union">Solemn Declaration</a> (1983)</li> <li><a href="/wiki/Rome_Declaration" title="Rome Declaration">Rome Declaration</a> (1984)</li> <li><a href="/wiki/Schengen_Agreement" title="Schengen Agreement">Schengen Agreement</a> (1985)</li> <li><a href="/wiki/Schengen_Area" title="Schengen Area">Schengen Convention</a> (1990)</li> <li><a href="/wiki/Petersberg_Declaration" title="Petersberg Declaration">Petersberg Declaration</a> (1992)</li> <li><a href="/wiki/Saint-Malo_declaration" title="Saint-Malo declaration">Saint-Malo declaration</a> (1998)</li> <li><a href="/wiki/Schengen_acquis" title="Schengen acquis">Schengen acquis of the EU</a> (1999)</li> <li><a href="/wiki/Bologna_declaration" title="Bologna declaration">Bologna declaration</a></li> <li><a href="/wiki/Charter_of_Fundamental_Rights_of_the_European_Union" title="Charter of Fundamental Rights of the European Union">Charter of Fundamental Rights</a> (2000)</li> <li><a href="/wiki/PFI_Convention" title="PFI Convention">PFI Convention</a> (2002)</li> <li><a href="/wiki/Seville_Declarations_on_the_Treaty_of_Nice" title="Seville Declarations on the Treaty of Nice">Seville Declarations</a> (2002)</li> <li><a href="/wiki/Pr%C3%BCm_Convention" title="Prüm Convention">Prüm Convention</a> (2005)</li> <li><a href="/wiki/Berlin_Declaration_(2007)" title="Berlin Declaration (2007)">Berlin Declaration</a> (2007)</li> <li><a href="/wiki/Treaty_establishing_the_European_Stability_Mechanism" title="Treaty establishing the European Stability Mechanism">European Stability Mechanism</a> (2012)</li> <li><a href="/wiki/European_Fiscal_Compact" title="European Fiscal Compact">European Fiscal Compact</a> (2012)</li> <li><a href="/wiki/Unified_Patent_Court" title="Unified Patent Court">Agreement on a Unified Patent Court</a> (2013)</li> <li><a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Fund Agreement</a> (2014)</li> <li><a href="/wiki/Malta_Declaration_(European_Union)" title="Malta Declaration (European Union)">Malta Declaration</a> (2017)</li> <li><a href="/wiki/Versailles_declaration" title="Versailles declaration">Versailles declaration</a> (2022)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><a href="/wiki/Portal:European_Union" title="Portal:European Union">European Union Portal</a></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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