Gold Magazine January - February 2014, Issue 34 | Page 28

OPINION

The road
towards a
Banking Union
remains bumpy
and uncertain
By Philippe Gudin de Vallerin, Chief European Economist, Barclays Research

T

he Banking Union in the
euro area will start this year,
with the establishment of the
Single Supervisory Mechanism and the actual transfer
of bank supervision to the
SSM in November. In the
first ten months of the year,
the ECB will complete its Comprehensive
Assessment of banks falling under its direct
supervision. The second leg of the Banking
Union (the Single Resolution Mechanism) is
still under discussion. The agreement reached
by finance ministers in December is very
different from the European Parliament’s
negotiating position, and we think \