The financial crisis that shook the entire world in 2008, followed shortly by the debt crisis in the Eurozone, has clearly shown that it is essential to strengthen the European Union's banking system and increase its flexibility and resilience to future crises. This should be achieved primarily by further deepening integration between member countries, improving the legal framework, and supervising the activities of the European Union's financial sector – namely, the operations of financial institutions located in the Eurozone. This way, the idea of the European Banking Union was born, with its creation intended primarily to help bolster the confidence of investors, companies, and depositors in the financial sector, ensuring its stability. As a prerequisite for the successful creation of the Banking Union and the functioning of the Single Market, the European Council recommended in 2009 the introduction of uniform rules consisting of "a set of legal texts with which all financial institutions (including around 8,300 banks) in the EU must comply to ensure a level playing field across the EU." A level playing field primarily means eliminating differences in legislation between member states, ensuring an equal level of consumer protection, and guaranteeing equal business conditions for banks across the European Union. The creation of the Banking Union involved various stages and processes, and a significant step towards its realization was taken in 2014 with the establishment of a Single Supervisory Mechanism. This mechanism granted the European Central Bank the power to directly supervise the operations of banks in the European Union, which undoubtedly contributed to strengthening the stability of the system. Not long after, in 2016, a unique recovery mechanism was established, consisting of a single committee and a single recovery fund. This mechanism was designed and set up with the aim of effectively resolving failed financial institutions without burdening taxpayers, thus gradually restoring the damaged confidence of citizens and investors in the system. The third pillar on which the European Banking Union is based is the European Deposit Insurance Scheme, which is not yet fully established. The fundamental idea behind the introduction of this system is that in the event of a bank failure, deposits up to €100,000 would be insured at the European level, regardless of the member state in which the bank is located. This would certainly contribute to greater confidence and security for depositors. However, this proposal has triggered lively discussions, as the interests and attitudes of the member countries toward deposit insurance measures and methods naturally differ. There are still many open questions and shortcomings related to the Banking Union that require attention and resolution. One of these is the potential increase of the European Stability Mechanism fund to ensure a greater capacity to finance the recovery of banks. The issue of putting banks outside the euro area on an equal footing with those that are members of the euro area also remains open. In June 2016, the Council of the European Union agreed on a plan for the completion of the Banking Union, with particular attention to finalizing the European Deposit Insurance Scheme. In June 2022, a group of EU Member State representatives emphasized in their statement that the creation of the European Banking Union was undoubtedly a strong response to the financial crisis, but also that the Banking Union is still incomplete. The final creation of the European Banking Union is a long-term process that requires continuous efforts and the cooperation of all relevant stakeholders. As such, it is not possible to determine the exact date of its finalization.