More work needed for stronger monetary union, ESM's Regling says

''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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