- Publication date
- 6 December 2017
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union
In its roadmap for deepening Europe's Economic and Monetary Union, the Commission proposes that the future European Monetary Fund serves as a backstop to the banking union, by providing a credit line or guarantees to the Single Resolution Fund (SRF). The backstop would only be activated as last-resort insurance in the event of a bank resolution in case the resources available in the SRF were insufficient. The creation of a backstop to the SRF was agreed in principle already in 2013 but it is not yet operational. Making the backstop part of the future European Monetary Fund will be an important step towards completing the banking union.