But is it also the key to solving the crisis? No, it is not, and to expect that would be to demand too much of it. The banking union is a future-oriented concept whose purpose should be to help prevent future risks or at least to help deal with them better.
However, the present problems affecting the banking system are the result, above all, of past undesirable developments at the national level. The risks in the balance sheets arose on the watch of national authorities, and the respective member states have to deal with them. This is the only way to maintain a balance of liability and control.