Both elements of the banking union remain open to Member States which do not share the single currency. In other words, any co-owner of the house willing to participate in the construction of the additional floor is welcome to join.
Improving the efficiency and development of the financial sector will not only raise that sector’s productivity but it can contribute to the better and faster allocation of capital and foster innovation and the productivity performance of the whole euro area economy. BIS Review 17/2007  1  There is much discussion of non-inflationary potential growth.