7  Public investment in the euro area was 3.2% of GDP for 1995-2005 compared with 2.6% projected for 2016, while private investment in the euro area was 18.7% of GDP for 1995-2005 compared with 17.3% projected for 2016. See European Commission, Annual Macroeconomic Database, 2015. BIS central bankers’ speeches  3  The same logic applies to EMU.
Risk reduction on its own will not be sufficient; we will need to better share the remaining risk as well. The two are complementary. For banking union, this means reducing risks in banks in parallel to establishing a common deposit insurance scheme and a robust fiscal backstop. This is what the Commission has proposed, and this is why we support their approach.