Among others, steps towards this goal would include completing the banking union – though subject to the condition that legacy assets are not communitised as a result, that the sovereign-bank nexus is broken, and that the protection systems which function successfully, like the institutional protection scheme, remain intact.
But in others, a variety of political considerations appear to have militated against prompt and effective action. BIS Review 63/1998  -7As a consequence, the risks of further adverse developments in these economies remain substantial.