This document is an excerpt from the EUR-Lex website
Glossary of summaries
EUROPE'S BANKING UNION
Banking union was created to ensure that banks are stronger and better supervised and, should problems arise within the financial sector, to resolve, i.e. restructure, the banks more efficiently. It consists of:
The SSM and SRM apply a single rulebook, a set of uniform rules to regulate, supervise and govern the financial sector in all countries more efficiently. It is complementary to the banking union and also ensures a uniform level of protection for savers by guaranteeing their bank deposits up to €100,000.
Banking union ensures that these rules are implemented consistently across the euro area and in other participating countries.