If anything, the financial stability concerns raised by recent market tensions revealed that the incomplete banking union is a source of vulnerability for Europe's banking sector. If the banking union had been complete, the recent contagion from the United States and Switzerland to the EU financial system would have been far more muted.
The lack of a complete banking union is still a very wide gap in the EU's institutional framework. Thank you for your attention. 4/4  BIS - Central bankers' speeches