The European Economic and Social Committee (EESC) approved an opinion supporting the Commission's initiative on the current negotiations on the Banking Union and the planned regulation to set up a European Supervisory Authority. Another opinion approved by the EESC has highlighted the need for proper regulation of the shadow banking system, so that its business is conducted in keeping with the requirements applied to the rest of the sector.

Members of the the European Economic and Social Committee (EESC) approved an opinion which supports the Commission's initiative, as set out in its opinion adopted at the plenary session on 15 November, with regard to the current negotiations on the Banking Union and the planned regulation to set up a European Supervisory Authority. The Commission proposed a banking union with stronger supervisory powers for the European Central Bank in September 2012.

According to the EESC, the opinion's core message is to support a banking union that can give the banking sector a solid foundation and restore confidence in the euro as part of a long-term project for economic and fiscal integration. The purpose is not only to introduce supervision by EU bodies, but to back this up with further measures, such a deposit protection system and a common resolution framework for ailing banks, together with integrated banking crisis management. The EESC also stresses that within the ECB, the European Systemic Risk Board and the new financial supervision authorities must engage with civil society organisations, especially consumer associations and the trade unions.

Another opinion approved by the EESC stresses that a banking union and other models for investment and commercial banking could be seriously undermined by what is known as shadow banking. The EESC thus wants to remove the distinction between "shadow" and traditional banking activities: the shadow banking system should be subject to the same regulatory and prudential requirements as the financial system as a whole. In particular, future EU legislation on shadow banking must protect European consumers by making products on offer transparent and ensure that all financial activities contribute to the real economy and to economic growth.