Memo: A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone

The financial crisis highlighted the need for better regulation and supervision of the financial sector. It also highlighted, with the eurozone crisis, the potentially vicious circle between banks and sovereign debt.

This Memo published on 28 March 2014 set out what had been done so far to create a robust financial framework for all 28 Member States and where we stand in building the banking union. The banking union is specifically for countries which share the euro, although it is also open to all non-euro EU Member States who want to join.

• Primary Source

ESO: Background information: State aid: Commission adapts crisis rules for banks http://www.europeansources.info/record/press-release-state-aid-commission-adapts-crisis-rules-for-banks/

ESO: Background information: What has been agreed on banking union risks reigniting, rather than resolving the crisis http://www.europeansources.info/record/what-has-been-agreed-on-banking-union-risks-reigniting-rather-than-resolving-the-crisis/

ESO: Background information: A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone http://www.europeansources.info/record/memo-a-comprehensive-eu-response-to-the-financial-crisis-substantial-progress-towards-a-strong-financial-framework-for-europe-and-a-banking-union-for-the-eurozone-2/

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