banking union

What is banking union?

banking union definition and meaning on Finance terms:
One of the building blocks for completing Economic and Monetary Union, which consists of an integrated financial framework with a single supervisory mechanism, a single bank resolution mechanism, and a single rulebook, including for harmonised deposit guarantee schemes, which may evolve into a common European deposit insurance scheme. See also
Single Resolution Mechanism (SRM)
Single Supervisory Mechanism (SSM)<