 Seven years ago, in 2012, the Banking Union was created. But what is it exactly and how does it benefit you? In 2008, we saw how quickly problems in the banking sector of one country spread to other countries. Many banks got in trouble and taxpayers had to rescue them, so to ensure a stronger financial sector for the future the Banking Union was created. First, common banking rules were put in place for all euro area countries. Second, European banking supervision and the single resolution mechanism were created. Together, they supervised banks according to the same high standards and they intervened if a bank goes into trouble. This ensures that a failure of one bank won't harm the economy and that you can rely on your bank to save, borrow and invest safely.