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The European Commission has published its proposals for the transfer of supervisory responsibilities to the European Central Bank, under Article 127(6) of the TFEU, providing a comprehensive and courageous ‘first step’ towards a European banking union, the other steps being European deposit insurance and resolution procedures.

The Policy Brief proposes a strengthening of the Commission package through the establishment of a truly federal system and the enlargement of its scope of application to the entire Union. The European Banking Authority (EBA) should remain in charge of all secondary rule-making in the domain of banking and supervisory standards should be broadened to include all crisis-management powers under a prompt corrective action system à-la-FDIC in the US.

Jacopo Carmassi is an economist at Assonime, the Association of Joint Stock Companies incorporated in Italy. Carmine Di Noia is Deputy Director General and Head of Capital Markets and Listed Companies at Assonime. Stefano Micossi is Director General of Assonime, Visiting Professor at the College of Europe in Bruges, Member of the Board of Directors of CEPS and Chairman of the Board of CIR Group.