European Banking Union? There is still a lot of work to do, starting with the resolution system launched just now - at the beginning of January - to continue with the single deposit guarantee system, up to the harmonization - and this is a really difficult undertaking - of the 28 different tax regimes of the EU countries. This was discussed at the ABI, in the conference "banks and businesses in the upcoming European challenges" which served to outline the overview of the situation.
The starting point is the need to complete the three pillars on which the banking union is based: 1) supervisory mechanism, 2) resolution mechanism, 3) deposit guarantee scheme. The first started in November 2014; the regulation of the second has been operational since January 8st and is therefore still in the running-in phase; as for the deposit guarantee scheme, we are only in the preliminaries. In fact, on XNUMX March the publication in the Official Gazette of the legislative decree implementing the directive relating to deposit guarantee schemes and which establishes a harmonized regulatory framework of the European Union was published.
Furthermore, important further developments are needed to achieve a 'common playing field' between European banks. For example, create a consolidated European banking text that goes beyond the various existing national regulations not only in the specific field of prudential supervision rules and implements a complete and identical regulation for the functioning of banks within the EU.
Again: in the European Union there are 28 different tax laws and 28 different interpretations of the concept of the tax base. A first step could be the drafting of a directive to harmonize the rules for determining the corporate tax base. And no less complex is the issue of harmonizing other taxes. Even on VAT – it was underlined during the ABI conference – there are still differences and gaps between Italy and the other states.
