The European Banking Union project, already under way, is the most ambitious challenge the EU partners have set themselves since the creation of the euro. As such, it will bring about profound structural changes that will go far beyond the banking sector itself, as it is expected to provide a robust reinforcement and support for the single currency, while also opening a more reliable path towards a future full economic union.
However, it is clear that banks will be the first to feel first-hand the requirements and effects of the Banking Union, which, in its regulatory dimension, represents for eurozone institutions the finishing touch that crowns the enormous body of regulation that has been imposed on financial activity since the onset of the crises.
