Any good anagrams for banking union?

The Banking Union in the European Union is the transfer of responsibility for banking policy from the national to the EU level in several countries of the European Union, initiated in 2012 as a response to the Eurozone crisis. The motivation for banking union was the fragility of numerous banks in the Eurozone, and the identification of vicious circle between credit conditions for these banks and the sovereign credit of their respective home countries ("bank-sovereign vicious circle"). In several countries, private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble. Conversely, weakness in sovereign credit resulted in deterioration of the balance sheet position of the banking sector, not least because of high domestic sovereign exposures of the banks. As of mid-2020, the Banking Union mainly consists of two main initiatives, the Single Supervisory Mechanism and Single Resolution Mechanism, which are based upon the EU's "single rulebook" or common financial regulatory framework. The SSM took up its authority on 4 November 2014, and the SRM entered into full force on 1 January 2015. Most accounts of banking union view it as incomplete in the absence of a European deposit insurance. The European Commission made a legislative proposal for a European Deposit Insurance Scheme in November 2015, but it has not been adopted by the EU co-legislators. Also as of mid-2020, the geographical scope of the Banking Union is identical to that of the euro area. In future, other non-euro member states of the EU may join the Banking Union under a procedure known as close cooperation. Bulgaria and Croatia have initiated requests for close cooperation, respectively in July 2018 and May 2019 and the European Central Bank will start supervising significant Bulgarian and Croatian banks on October 1, 2020.

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