A Banking Union is a framework designed to ensure the stability and safety of banks within a specific region, typically in the European Union. It aims to create a unified banking system that allows for better regulation, supervision, and resolution of banks, reducing the risk of financial crises. The key components of a Banking Union include a single supervisory mechanism, a single resolution mechanism, and a common deposit insurance scheme. These elements work together to protect depositors and maintain confidence in the banking system, promoting economic stability across member countries.