Johannes Laitenberger, Director-General for Competition, has spoken on the Banking Union and competition. He discussed the initiative to create a restructured banking sector in Europe which will, in turn, facilitate real economic growth. Mr Laitenberger explained how state aid control by the Commission has acted as a de facto resolution framework for the financial sector, discussed how aid rules and the Bank Recovery and Resolution Directive (BRRD) will work together in the Banking Union, and described the outlook and key challenges for 2016 and beyond, in particular within the Single Resolution Mechanism. (Source: Commission discusses a restructured European banking sector)