The setting-up of European banking supervision has been the greatest step towards deeper economic integration since the creation of Economic and Monetary Union. The crisis forced us to fundamentally reflect on what is necessary to achieve a genuine economic and monetary union. The desire to protect citizens as well as businesses from the dire effects of the crisis was the driving force behind the “Four Presidents’ report”, which mapped out a route towards this objective. The establishment of a banking union was deemed the best way to decisively and credibly address one of the key challenges:... the weaknesses in the banking sector. It entailed a Single Supervisory Mechanism (SSM), a Single Resolution Mechanism and a single rulebook, including for harmonised deposit guarantee schemes, which may evolve into a common European deposit guarantee.