On 22 June 2012, the European Commission published an updated version of its memorandum on an EU banking union.
The memorandum states that the President of the European Council, Herman Van Rompuy, will present a report on the matter to the next European Council, scheduled to be held on 28-29 June. Following this, proposals from the EU Commission to implement:
- a more integrated and direct EU system for the supervision of cross-border banks;
- a common deposit guarantee fund; and
- a common resolution fund
could be forthcoming as early as the Autumn of 2012.
The EU Commission memorandum is available here.