What will the European banking union mean for banks?
Mazars' Jonathan McMahon was recently interviewed by CNBC on the impact of the European Banking Union.
The European Commission’s announcement of 12 September 2012 is designed – as part of a package of wider measures - to create the conditions in which the Eurozone’s creditor member states can provide financial assistance to banks in weaker member states. Whether it achieves this objective will be a function of politics, not EC legislation. In our view, the important issue for banks is how the proposals will affect how they are regulated. As this is not immediately obvious, nor necessarily contained in the EC’s announcement, we have explained further in our summary of what these latest regulatory changes could mean in practice for banks .