These are important steps towards overcoming the “institutional solitude” of the ECB, in the words of the late Tommaso Padoa-Schioppa. First, banking union was a missing element in the original Maastricht design. It is essential to provide a durable foundation for monetary and financial stability and to ensure a level playing  BIS central bankers’ speeches  1  field.
3 Potential long-term effects of the coronavirus crisis Overall, the economic outlook is highly dependent on the course of the pandemic and, thus, very ncertain The baseline scenario of o r December forecast ass med that a medical sol tion s ch as a  uncertain.