The establishment of the European Banking Union (EBU) represents the most important achievement of the European Union (EU) in the last decade, one which goes well beyond the boundaries of the banking area and the Eurozone. Before the explosion of a multidimensional crisis in autumn 2008, the creation of the EBU was not considered by the European institutions as an urgent policy issue. Some preliminary measures were approved according to the calm pace of ordinary times. But just after the break of the financial and economic crisis, the EU shaped a rather original legal framework, composed of new rules, such as the Single Rulebook, new administrative bodies, exemplified by the three European Supervisory Agencies established in 2010, procedures aimed at preventing and managing systemic risks, new relations between the European Central Bank (ECB) and the national central banks forming the European System of Central Banks (ESCB). In a few years, two of the three planned “pillars” of the EBU were created. Moreover, a great number of regulations, directives, decisions and acts of diverse legal nature were adopted.