This is not about reverting to the pre-crisis situation: this is about rebuilding the system as it should have been to avoid the crisis. It also reveals that having such a single market would be extremely beneficial for the euro area, if not indispensable.
And the conclusions that emerge in terms of policy are relatively clear: there is a need for greater governance integration in the euro area, greater retail banking integration, and greater capital market integration. 9  See for example Fatica, S. et al (2012), “The debt-equity tax bias: consequences and solutions”, European Commission Taxation Papers, Working Paper No.33–2012, July.