CONTENTS
Terms of Reference
Summary
Chapter 1: Introduction
Box 1: Timeline of developments
Is a banking union necessary?
What constitutes an effective banking union?
Box 2: The proposals of the June 2012 report
Towards a Genuine Economic and Monetary Union
Who will be the members of a banking union?
Chapter 2: The Single Supervisory Mechanism
and the role of the ECB
Box 3: The main components of the ECB
Regulation
Why is a Single Supervisory Mechanism necessary?
A supervisory function for the ECB?
Supervisory powers, monetary policy and the
ECB governance structure
Which banks should the ECB supervise and
how should its relationship with national regulators work?
Accountability of the ECB
The impact of the proposal on non-euro area
Member States
The timetable
The case for treaty change
Chapter 3: The impact of banking union on
the EBA and the ESRB
Box 4: The main elements of the EBA Amending
Regulation
The relationship between the EBA and the
ECB
a) Voting procedures
b) Asymmetry of binding mediation arrangements
Macroprudential supervision and the ESRB
Chapter 4: Further steps towards banking
union
The Recovery and Resolution Directive
and banking union
Box 5: The main provisions of the Recovery
and Resolution Directive
Further steps towards banking union?
a) A single resolution mechanism
b) A common deposit insurance scheme
The Liikanen report
Box 6: Key recommendations of the Liikanen
report
Chapter 5: The impact on the UK and the
single market
The impact on the UK and its financial
sector
The impact on the single market
The UK's engagement with the EU
Chapter 6: Summary of conclusions
Appendix 1: EU Sub-Committee on Economic
and Financial Affairs
Appendix 2: List of witnesses
Appendix 3: Call for evidence
Appendix 4: Note of the Sub-Committee's
meeting with Herman Van Rompuy, President of the European Council,
2 October 2012
Appendix 5: The provisions of the ECB Regulation
Appendix 6: Comparison of the organisation
of prudential supervision in UK, USA and the euro area
Appendix 7: Glossary of key institutions
and organisations
Evidence is published online at www.parliament.uk/hleua
and available for inspection at the Parliamentary Archives (020
7219 5314)
References in footnotes to the Report are as follows:
Q refers to a question in oral evidence;
Witness names without a question reference refer
to written evidence.
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