2  First put forward in Padoa-Schioppa, T. (1982) “Capital mobility: why is the Treaty not implemented?” Address to the Second Symposium of European Banks and reproduced in Padoa-Schioppa (2000) “The road to monetary union in Europe” OUP.
* * * The EU moved in less than five years from decentralized banking supervision and resolution to the Single Supervisory Mechanism and the Single Resolution Mechanism, based on the Single Rulebook. This is part of an overarching effort to create a sound institutional framework for financial integration in Europe.