Being a well-developed political and economic body, the European Union still does not have a comprehensive banking regulatory framework. This is the EU’s serious failure especially during the period of escalated trade tensions. Moreover, disarray in the banking system is a good opportunity for organized criminal activity. Several recent money laundering scandals which involve financial giants like Deutsche Bank are a good example of such illegal activity. Nowadays, ahead of Brexit, the EU risks losing its most powerful financial center. It is becoming apparent that the eurozone needs to integrate its financial systems. Reportedly, Olaf Scholz, the German finance minister, has suggested forming a new banking integration. The only controversial issue in Scholz’s plan is the deposit scheme which should guarantee deposit safety during banking collapse. The rest of the plan, however, has gained support. Indeed, incoming President of the European Commission Ursula von der Leyen has also declared the creation of the banking union a priority way before the German government and Chancellor Angela Merkel made their statement.
