Eurogroup president wants to move forward with banking union before May 2024

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Paschal Donohoe argues that there is an “opportunity for swift action” within the current term of the EU Executive to advance the banking union.

The president of the Eurogroup wants to move forward with the banking union before May 2024, he says in an interview with el Economista (content in Spanish). Irishman Paschal Donohoe argues that there is an “opportunity to act quickly” within the current term of the Commission and the European Parliament.

Eurogroup Paschal Donohoe
Eurogroup Paschal Donohoe

The European official believes that the efforts to deepen the banking union over the last decade have made a big difference to the situation in Europe,” namely by requiring “banks to retain more capital,” as well as by reviewing and strengthening the way banks are regulated.

Now, some new proposals have already been put forward on how “small and medium-sized banks in exceptional financial difficulties” should be treated, and also on “the functioning of national deposit guarantee schemes”. For Pascal Donohoe, “the opening of these projects shows that we can move forward in the remaining steps.

“The ministers and the European Union will focus their energy on this in the coming months,” the Eurogroup president thus assures, showing confidence that there is “momentum that can be harnessed to move forward in strengthening the banking union,” even if there is reluctance on the part of some member states.

Donohoe also argues that it is “important to move forward in uniting capital markets, which can help direct some of the savings to investments that can make a difference in the future.”

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