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The author of this commentary argue that Eurozone authorities need to move banking supervision rapidly to the European Central Bank, using an existing EU Treaty article as justification. This will give the ECB direct information about the soundness of individual banks for its liquidity-providing operations and restore market confidence. In addition, the recent draft deposit guarantee directive needs to be amended to create a single fund for the Eurozone, which should also act as resolution authority. Apart from a single regulatory framework, a banking union requires a single supervisory authority, a common deposit protection and a harmonized bank resolution and liquidation system.