3/4  BIS central bankers' speeches  Importantly, it also includes risk sharing across national borders: through the pooling of resources at the EU level to face shocks, through integrated financial markets, and through a complete banking union. This is essential to build up the resilience of the euro area, foster stability and growth, and improve the lives of the people of Europe.
Despite the claims by some that healthier Wall Street firms or even the small businesses and consumers on Main Street did not benefit from assistance to AIG, I would argue that no business or individual was immune to the effects of a sequential collapse of key financial intermediaries.