eu spotlight 2012/07, December 2012: At long last, the EU takes on its banks

The agreement on establishing a common banking authority is paving the way for a banking union. The decision was reached by the finance ministers only hours before last December’s EU summit. After making headway on sovereign debt by deciding on a fiscal union one year beforehand in December 2011, the EU is by now also addressing the banking crisis and we know at least who is going to supervise who and what.