We have also created a new EU resolution framework, which ensures that banks can fail in an orderly manner and that the cost of bank failures is shifted away from governments and onto the financial sector. Thanks to these achievements, the banking union is helping to make European banks safer and sounder and more able to support the European economy.
We have made good progress, but we are not done yet. 2/3  BIS central bankers' speeches  On the one hand, we need to complete the banking union by operationalising the common backstop to the Single Resolution Fund and advancing political discussions on banking union’s missing third pillar: a European deposit insurance scheme.