EUROPEAN BANKING UNION

With Parliament's approval of Single supervisory mechanism of September 12, 2013, last year's Barroso's proposal to push the reform process further is slowly materializing and banking union is expected to play an important role in boosting financial market reintegration. Although the creation of a truly European banking sector by applying the same standards for banks across Europe is still far from beeing completed, this priority project is considered the step in the right direction. Now it is necessary to maintain reform dynamics but also keep in mind the fact, that even a complex banking union with all its benefits is not a universal solution and Europe still has to go further to bring the economies back to growth trajectory.