In banking union format

Reporting on banking union

Ministers of countries participating in the banking union heard from the chairs of the Single Supervisory Mechanism and of the Single Resolution Board as part of their twice-yearly reporting.

On that basis, ministers addressed the state of play in the euro area banking system and the main challenges ahead. Ministers also discussed what remains to be done to bolster the resilience of the banking system.

Our banks are more stable and more resilient today but we must continue to make progress towards completing the Banking Union, with the ratification of the ESM treaty and the conclusion of the work on the crisis management framework.

Paschal Donohoe, President of the Eurogroup

• Written overview for the exchange of views of the Chair of the Supervisory Board of the European Central Bank with the Eurogroup (European Central Bank)
• Bi-annual reporting note to Eurogroup, November 2024 (Single Resolution Board)
• Banking union (background information)
• Pillar I: The Single Supervisory Mechanism (background information)
• Pillar II: The Single Resolution Mechanism (background information)

In inclusive format

Euro area competitiveness - finalising the workstream

Ministers adopted a formal statement on the competitiveness of the European economy.

We need both structural reforms and investments to enhance competitiveness and productivity. The Single Market remains one of our key assets.

Paschal Donohoe, President of the Eurogroup

• Competitiveness of the European economy - statement of the Eurogroup in inclusive format (press release, 4 November 2024)

Capital markets union

Ministers continued to follow up on the implementation of the statement of the Eurogroup in inclusive format on the future of capital markets union, in line with the high-level roadmap endorsed in May 2024.

Ministers also discussed how best to regularly take stock of the performance of European capital markets and monitor progress on EU and national measures.

Deepening the capital markets union is a key element in our work towards enhancing European competitiveness.

Paschal Donohoe, President of the Eurogroup

• Overview of CMU discussion in the Financial Services Committee
• Common understanding on the format and frequency of the structured monitoring process on capital markets union
• Statement of the Eurogroup in inclusive format on the future of capital markets union (press release, 11 March 2024)
• European capital markets (background information)
• What the EU is doing to deepen its capital markets (background information)