26 / 38
2
Section A
‘EMU’), in accordance with a relevant Report,
5
submitted a few days earlier
(on 26 June) by the President of the European Council. One of the four (4) ele-
ments of this Report was the creation of the EBU.
6
(b)
Against this political background, the Commission issued on 12 Septem-
ber 2012:
• an Announcement regarding “A Roadmap for a Banking Union”,
7
• a proposal for a Council Regulation “conferring speciÀc tasks on the Euro-
pean Central Bank concerning policies relating to the prudential supervi-
sion of credit institutions”,
8
and
• a proposal for a Regulation of the European Parliament and of the Council
“amending Regulation (EU) No 1093/2010 establishing the European Su-
pervisory Authority (European Banking Authority) as regards its interac-
tion with Council Regulation (EU) No…/… conferring speciÀc tasks on the
European Central Bank concerning policies relating to the prudential su-
pervision of credit institutions”.
9
In its Announcement the Commission called on the European Parliament and
the (ECOFIN) Council to undertake the following:
10
(i)
Firstly, to reach agreement by end-2012 on the two (2) above-mentioned
Regulation proposals, as a Àrst step in the creation of the EBU.
(ii)
Secondly, to approve, also by end-2012, the proposals for the Regula-
tions and Directives (of the European Parliament and of the Council) on:
• amending the applicable regulatory framework on micro-prudential bank-
ing regulation, and setting up a new regulatory framework on macro-
prudential banking regulation,
5.
Van Rompuy Report (2012)
:
Towards a Genuine Economic and Monetary Union
, EUCO
120/12. The Ànal relevant Report was submitted in December 2012.
6.
Ibid.
, Section II.1.
The other three (3) elements are the establishment of:
• an integrated budgetary framework (‘European Fiscal Union’),
• an integrated economic policy framework (‘European Economic Union’), and
• a democratic legitimacy and accountability framework (‘European Political Union’).
7. COM(2012) 510 Ànal.
8. COM(2012) 511 Ànal.
9. COM(2012) 512 Ànal.
10. COM(2012) 510 Ànal, section 4.