''More work needs to be done to strengthen monetary union across the
19-nation eurozone, including completing banking union, the creation of a
'rainy day fund' and some legal harmonisation,
European Stability Mechanism (ESM) Managing Director Klaus Regling said.
The
euro area has already established two pillars of banking union. Under
the Single Supervisory Mechanism the European Central Bank oversees 120
significant banks that hold almost 82% of banking assets in the euro
area. The Single Resolution Board is a European Union agency, set up to
ensure an orderly resolution of failing banks..''
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