Thus far, it is composed of a single supervisory mechanism, a single resolution mechanism, and harmonised national deposit guarantee schemes. These reforms remedied weaknesses in the architecture of the euro area that had either been ignored or overlooked when the euro was founded. These measures restored stability in the euro area – there's no doubt about that.
But they haven't made it crisis-proof once and for all. And that is why no one doubts that further reform steps are in order. Whatever shape these steps take, the regulatory framework of monetary union needs to be designed in such a way that actions and liability for their consequences are aligned.