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The structure of the Banking Union is falling into place. It aims to build up common decision-making, take collective responsibility on banks, and curtail the increasing risk of fragmentation of EU banking markets. Given the weight of the financial system in the major European countries, an efficient supervision is of utmost importance and the set up of the single supervisory mechanism (SSM) is therefore an important part. The European Central Bank (ECB) will act as the centerpiece and base its work on close cooperation with the national supervisory authorities. 128 banks out of the 6000 European banks will be under direct supervisory responsibility of the ECB.

UNI Europa Finance expert, Ute Meyenberg, was invited to speak at a conference on the Banking Union on 8 February, along with two representatives of the European Commission.  The initiative came from La Vie Nouvelle, an association based in France, Luxemburg and Belgium which aims to exchange information and educate on European matters. Despite the technicality of the subject, the audience of around 200 people from all over France  (trade unionists, civil society etc) were interested and raised many questions. The main objective of the conference was to raise public awareness on European integration. It was also an occasion to show that European trade unions are active actors in European policies, even in such specific domains as finance, and to present UNI Europa Finance’s activities in that domain.

The issue of transparency and consultations has been a concern for UNI Europa Finance. With the decision-making process transferred from the Commission and the Parliament to the ECB, UNI Europa Finance has considered it imperative that social partners can play their role in the regulatory process. The democratic accountability of the new supervisory structure has been enhanced in the legislative process. Thanks to the European Parliament’s efforts there are now stronger external accountability measures with the inter-institutional agreement signed between the Parliament and the ECB in December 2013.

UNI Europa Finance is strongly engaged in the European System of Central Banks Social Dialogue. With the high number of recruitments needed and the set-up of joint supervisory teams between the ECB and the national competent authorities, in order for the ECB to carry out this new task, special trade union consultation meetings, only dedicated to the SSM have been set up to discuss the specificities. Such a meeting took place 26 February at the ECB in Frankfurt, where the discussion around contracts, independence of supervisors and employment conditions were really brought to the table in an open way.

In February the European Parliament voted on the single resolution mechanism (SRM) and UNI Europa Finance managed to pass all its tabled amendments. UNI Europa Finance is very pleased with the Parliament’s vote since it’s important that employees are treated with respect in the difficult process of a resolution.