It implements the EU-wide Bank Recovery and Resolution Directive in the euro area. Banking Union, however, remains work in progress. Further steps are under discussion, such as a fiscal backstop for the Single Resolution Fund and the creation of a European Deposit Insurance Scheme.
These aspects will no doubt remain high on the European policy agenda, because our continent needs to strengthen the integration of its banking and capital markets substantially in the absence of alternative risk-sharing mechanisms, at least for the time being.