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The Commission believes there has to be a clear longer term vision on the future of the EU's Economic and Monetary Union to give a sense of direction to the reforms and decisions necessary for the EU and its Member States to tackle current challenges.

Therefore, the Commission has been pushing for deeper economic integration as one of the remedies to the current crisis. This new step in European integration would complement our monetary union. In this context, the Commission is putting forward the concept of a banking union.

The European banking union is not a new legal instrument yet. It is a political vision for more EU integration, which will build on recent major steps to strengthen the regulation of the banking sector and go further.

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