The objective is effectively threefold: reinstating beyond doubt the soundness of the banking system; re-integrating the banking system; and delivering a supervisory and resolution framework that will prevent a repeat of the past risk build-up. All core elements should fall into place swiftly to reap the full benefits of a banking union. The stakes are too high to afford undue delays.
To complete such an essential project, resolute action has to be taken in the months to come – and this Parliament has a key role to play. First, until the regulation on the single supervisory mechanism (SSM) is adopted, we at the ECB cannot formally take decisions.