European Commission Communication on Completing the Banking Union

11 October 2017

On 11 October 2017 the European Commission published a Communication (and its FAQs) which takes stock of what has been achieved in creating the Banking Union and what measures are still needed to complete it. In its Communication, the European Commission urges the European Parliament and the Council to progress quickly in the adoption of measures to tackle remaining risks in the banking sector and suggests new actions to reduce non-performing loans and to help banks diversify their investment in sovereign bonds.

The Communication also aims to give new impetus to the negotiations on the European Deposit Insurance Scheme (EDIS) and maps out the path towards the establishment of a last resort common fiscal backstop for the single resolution mechanism.