EU Competition Commissioner Joaquin Almunia and former European Central Bank President Jean-Claude Trichet have separately stressed a need for the region to develop a banking union. Almunia says the EU continues to work with the ECB and member states to take necessary steps. "We are addressing the root causes of the crisis together with member states, the ECB and the other economic and financial authorities," Almunia said. "Much has been done over the past five years, but we are not there yet."

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