Press remarks by Commissioner Gentiloni at the Eurogroup press conference

Good afternoon.

Ten years ago the Euro Summit of June 2012 provided the political impetus to take the first step towards the creation of our Banking Union. That political impetus came at a grave moment for the euro area, but the pressure Europe was under at that time helped drive important progress. In just a couple of years, the Single Supervisory Mechanism and Single Resolution Board had been established.

But then, as the pressure of the euro crisis eased, so it became more difficult to move forward with the other, no less important elements needed to complete the Banking Union.

And completing our Banking Union has remained a priority for the European Commission throughout this time. So we fully and strongly support the efforts of the Eurogroup President to create a new political impetus to drive this work forward.

Specifically, we support the ambition to deliver by June the work plan towards a complete, steady-state Banking Union. It would be a strong positive signal, especially in these in extraordinary uncertain times.

We welcome the progress achieved so far and we consider that the approach based around two phases across four pillars, with a political “checkpoint”, what Paschal just explained, should provide a good basis for an agreement next month.

As in any negotiation, an agreement will of course require some further compromises on all sides.

And as in any negotiation, we can get there if we all keep our eyes on the big prize. The Roman philosopher Seneca famously said that no wind is favourable for the sailor who does not know where he wants to land.

Well, our landing zone is clear: a completed Banking Union. One of the last building blocks to complete our Economic and Monetary Union. It is key to enhancing the resilience and stability of our financial sector and to ensuring that it is able to support sustainable growth, investment and employment.

Once an agreement is reached, the Commission will be ready to do its part by adopting the necessary legislative proposals.

So let me conclude by again thanking you, Paschal, for your efforts and assuring you of our strong support in the next phase of these crucial discussions.