As often in the past in the case of the European project, now, in the current context, bold decisions are more needed than ever. The completion of Banking Union is in many aspects a way to restore European citizens’ confidence in the European institutions, build the necessary trust between Member States and address the rise of Euroscepticism.
Part of the reason has to do with the rise to prominence of economies such as China and India. Because of their size and their growing share of world output, it is their influence, rather than the U.S. economy, that is increasingly shaping the global business cycle and determining the prices of traded goods, including commodity prices.