The need to sustain bank financing to the real economy acquires added importance in the present environment, when the European recovery is still fragile and the banking systems of several Member States are still struggling with the legacy of the crisis.
Moreover, even the capital market depends on the profitability and competitiveness of the banking sector for its smooth operation and deepening, because banks are involved as both service providers and users at various stages of the securities and derivative intermediation chain. In this sense, the Capital Markets Union should be seen, not as an alternative, but as a complement, to a well-functioning Banking Union.