European leaders must therefore not lose sight of the end goal and instead complete the  project in a reasonable timeframe. The need to press ahead is made even more urgent by the  fact that while the European banking and financial system has demonstrated its resilience, its stability is still at risk. Indeed, risks to Europe’s macro-financial stability have recently intensified.
While it is  true that the expansionary monetary policy stance in the euro area and in Europe at large is  supporting the liquidity of financial markets, curbing tensions on government securities, and M., 2014, ‘European banking: Bailout, bail-in and state aid control’, International Journal of Industrial Organization, vol. 34, issue C, pages 37-43.