The very challenging year 2012, which was decisive for Spain, is now behind us, as very important economic reforms were adopted and a major adjustment of our financial system was undertaken through a thorough exercise of transparency, strengthening, and recapitalization.
By the end of that same year, the European Council agreed to provide the eurozone with a single banking supervision mechanism,
entrusting the European Central Bank (ECB) with the prudential supervision of credit institutions, which constitutes the first step of a European financial integration plan known as the Banking Union.
