If in the past it was an illusion to think that the currency alone could “make” Europe, today the only course of action is to reinforce the  BIS Review 74/2010  9  construction of Europe: in the political sphere, with a more active government of the Union; in budgetary discipline and in progress on structural reform, with a new stability and growth pact that is at once broader and more binding.
Let me add: This isn’t bad news. It is largely still part of the expected clean-up operations after the financial crisis. As if this were not enough, banks also find themselves in a wholly different business environment than a few years ago, characterised by persistent low interest rates and the digital transformation of the entire banking sector.