It is therefore necessary to continue towards the completion of the Banking Union and bank resolution framework, including a common backstop, and with harmonisation of national insolvency laws. As the health and economic situation stabilises, additional attention should be paid to the long-term challenges of many European banks, namely low profitability and the issue of sustainability of bank business models.
This is both unrealistic, because in most cases we don’t have the tools to respond to their expectations and to do so would frequently breach the mandate we have been given, and also be democratically dangerous, because we do not have the governance that would authorise us to do so.