Banking union must ultimately incorporate all the elements envisaged in the original design. The Single Resolution Fund has been created but the resources contributed by the banks, initially subdivided by country, will not be pooled for some time; and no clear determination to use it has transpired.
The single deposit guarantee system has not yet been finalized; the European Commission recently presented a proposal, it too envisaging a lengthy period of transition. In both cases there is no provision for a European public financial backstop, which has been called for since the 2012 Report and is necessary to guarantee that banking union has the capacity to safeguard systemic stability.