At the national level, euro area countries have stepped up structural reform efforts in the labour and product markets to boost productivity and in the fiscal sector to make public finances more robust.
The Banking Union (with a single supervisor, a Single Resolution Mechanism and – a yet-to-be-established but of utmost importance – common European Deposit Insurance Scheme) has helped create a better integrated, more efficient and well capitalised European banking sector. Coupled with the completion of the Capital Markets Union, it can support the single market and fund investment and growth.