One of the gaps identified in the review was the inability of businesses and consumers to make payments through the banking system that are received immediately, including when the payer and receiver have their accounts with different institutions.
In addition to the necessary holistic approach, encompassing monetary, macro and microprudential policies, we need to move forward with concrete measures to improve the current legal framework, including (i) the setting up of a backstop for the Single Resolution Fund and establishment of the European Deposit Insurance Scheme (EDIS); (ii) the reinterpretation of the ESM treaty to allow the ESM to become a euro area backstop for financial stability purposes, and (iii) the change of the conditions under which the ESM and other stabilization tools can be used.