(ii) The need to complete the European architecture The crisis revealed several gaps in the European architecture which have been addressed to a certain extent during the past decade but still require further decisive work. The setting up of the ESM, the Single Rule Book and the two pillars – the supervision and the resolution – of the Banking Union were major achievements.
But one should not think that without what is missing still, they can work. They cannot. As we stand, the third pillar of the Banking Union, a common deposit insurance scheme, has not yet been implemented, thus leading to severe inconsistencies, as the recent resolution of Banco Popular Español strongly put into evidence.