Among others, steps towards this goal would include completing the banking union – though subject to the condition that legacy assets are not communitised as a result, that the sovereign-bank nexus is broken, and that the protection systems which function successfully, like the institutional protection scheme, remain intact.
This would probably also have a positive effect on monetary policy going forward, as it would reduce the likelihood of monetary policymakers having to act as a “crisis response unit”. But for now, monetary policy is what it is – and it played a major part in shaping last year’s balance sheet.