EU to Renew Banking Union Push Amid Turmoil

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

EU leaders will try to revive efforts to complete a banking union plan today after the fallout from Silicon Valley Bank and Credit Suisse. ECB president Christine Lagarde will inform them about efforts to stabilize the financial sector and the risks the euro area still may face. The EU is considering proposals to strengthen the protection of its depositors during banking crisis, with the commission expected to put forward proposals to bolster its crisis management framework in the next few weeks. Leaders are expected to “call for continued efforts to complete our banking union," according to the draft conclusions of the euro summit we saw. The ambition in some capitals, however, still falls short of progressing toward a European Deposit Guarantee Scheme, the missing pillar of the banking framework.