The recent recovery in the real economy is also supported by the decrease in financial market tensions which began in late 2012 not least because of a very accommodative monetary policy response. However, the institutional reforms that are currently being carried out in response to the crisis will have to remain a top priority for policymakers across Europe.
At the moment, one of the key institutional reform efforts in the EU is the creation of a banking union. With the establishment of the single supervisory mechanism, the SSM, we have made a major effort to help this banking union to get on its way.