THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinions of the European Central Bank [OJ C 255, 20.7.2018, p. 2 and OJ C 37, 30.1.2019, p. 1.],
Having regard to the opinions of the European Economic and Social Committee [OJ C 227, 28.6.2018, p. 63 and OJ C 110, 22.3.2019, p. 58.],
Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 16 April 2019 (not yet published in the Official Journal) and decision of the Council of 2 December 2019.],
Whereas:
(1) Following the financial crisis and the recommendations of a group of high-level experts led by Jacques de Larosière, the Union has made important progress in creating not only stronger, but also more harmonised r
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