9  In a working paper published a few months ago on the economic governance of the euro  area, a group of researchers at the Bank of Italy reviewed the measures taken concerning sovereigns and banks since 2010 and concluded that Europe is now at a crossroads: ‘either it  finds the strength to return to its roots and embraces a second (and deeper) round of reforms  based on enhanced risk sharing, or it risks running into pro-cyclical excesses that may finally tear it apart’.
10  This forum may therefore provide a valuable contribution to enhancing the awareness  of policymakers about the dramatic, yet possible outcomes of a piecemeal, short-sighted  approach to the completion of Banking Union. 8 Bank of Italy, Financial Stability Report No. 2 / 2016, November 2016, p. 36-37.