But: In 20 years, do we want Europe’s economy to be served by 50 banks – all of them much too big to fail – and not interested in financing rural development? Or do we want a robust sector with several thousand institutions – with very different business models, serving the different needs of different customers?
The fundamental task for authorities is therefore to enhance the resilience of the financial system to shocks and disruptions whatever their source, with a view to minimising the knock-on effects elsewhere.