Part of this reform merely consists in finalising the previous cycle of reforms by completing the banking union with the implementation of its third pillar and by endowing the Single Resolution 3/4  BIS central bankers' speeches  Fund with the adequate financial resources to fully accomplish its mission.
No debate is more sterile than the one on whether to reduce or to share risks. In truth, we must do both. And, in some ways, we have been doing just that. As many contend, it is human nature to only make important decisions when faced with necessity, during critical situations.