During the construction of Banking Union, moreover, its incomplete structure might not be sufficient to protect the economy and the public finances from the consequences of banking crises. 3. Firms’ financial fragility  A reflection is necessary on the origin of the constraints on lending to businesses and on how they may be overcome.
Analysis must focus in particular on the factors that together with the recession increase credit risk which, as we have seen, is a powerful obstacle to the supply of loans. The recent financial tensions have generally been viewed in relation to the problems of the banks, which in turn are connected to the recession and the sovereign debt crisis.