Banking Union of the European Union Member States

Abstract

As a result of the global financial crisis, the European Union countries
suffered deep recession. It turned out that the financial system, especially
the European banking sector, is not resistant to the influence of such events
mainly because of imperfect financial architecture. Undertaken measures
aimed at structural reforms and the establishment of a banking union. While
structural reforms of the banking sector covered all the European Union
countries, the banking union will affect only the Eurozone countries and
those remaining ones that express the will to participate in the new financial
architecture. It will constitute a good basis for undertaking further strong
integration steps in Europe.