Despite the changing of the guard on the European Commission, the new commissioner in charge of economic policy vowed to press ahead with the nascent European Union-wide banking union, saying the new supervisory system amounts to “a revolution.”
“It will change the way the banking sector operates,” Jyrki Katainen, the new commissioner in charge of economic and monetary affairs, told financial executives gathered in Lisbon this week for a Euro50 Group conference. “It will change the way the EU addresses inter-connectedness and spillovers. It is about collectively cutting the Gordian knot that has linked banks with their sovereigns for centuries.”
