The European Financial Stability and Integration Report (EFSIR) presented by the European Commission shows, among other conclusions, that European proposals for the establishment of a banking union stem from the need to deepen economic and financial integration in Europe.

The European Commission published a the European Financial Stability and Integration Report (EFSIR), that shows that despite improvements, the financial crisis continued to exert a significant impact in holding back economic growth in 2012. In August 2012, the President of the Council, Herman Van Rompuy stressed that progress on the banking union is particularly urgent.

Among other findings, the report particularly shows that European proposals for the establishment of a banking union stem from the need to deepen economic and financial integration in Europe. It also underlines the importance and urgency of financial sector reforms as a basis to restore long-term growth.

According to the Commission, the financial crisis has demonstrated the need for an additional focus on financial stability issues. Thus EFSIR reports on new policy measures that are laying the basis and groundwork to continue developing a truly integrated European financial market.