Europe’s physiognomy is being changed through four work-streams: (i) banking union; (ii) fiscal union; (iii) economic union; (iv) strengthening of democratic legitimacy and accountability. I would like to briefly turn to these four work-streams.
•  Banking union  The banking union work-stream is one of the most urgent and central aspects of this collective reform effort, as it plays a key role in effectively and sustainably breaking the negative two-way link between the banks and their sovereigns and re-establishing the normal functioning of the markets.