According to the proposal, the establishment of the European Banking Union will be divided into three steps: First, give the European Central Bank have custody of all banks of the euro zone, EU countries outside the euro area, banks can choose whether to join the regulatory system; followed bybanks at their own expense to set up a fund to cope with the possible bank bankruptcy liquidation; Finally, the establishment of a sound deposit insurance mechanism to protect the interests of the euro zone depositors in a bank bankruptcy or reorganization.
 
The European Commission said in a statement released the same day, "Today's proposal on the establishment of a single regulatory mechanism of the banking sector is an important step to strengthen the European Economic and Monetary Union."

The date of the European Parliament's "State of the Union", European Commission President Jose Manuel Barroso said the proposal is a major leap forward, and the eventual establishment of the "cornerstone" of the European Banking Union. He said, "Banking single regulatory mechanism proposed today by the European Central Bank to play a central role in the participation of the European Banking Authority will create a solid regulatory framework, will rebuild confidence in the euro zone banking supervision."



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