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The Commission believes there has to be a clear longer term perspective 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 their 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 as one of the "building blocks", which should pave the way towards this integration.

The concept of a banking union was put forward by President Barroso at the last informal European Council, which took place on 23 May. It will be discussed in the coming weeks by EU leaders.

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