In such an environment, a European deposit insurance scheme would result in Eurobonds being introduced through the back door. 4. Capital markets union – the next step to take  Although the European financial system is still dominated by its banking sector, Europe has to broaden its view beyond banks to achieve a comprehensive framework.
Thus, the next big step for Europe will be to establish a capital markets union. Strengthening capital markets and integrating them across borders will deliver at least two major takeaways. First, it will improve access to funding for small and medium-sized enterprises especially, thus sowing the seeds for stronger and more resilient economic growth.