I don’t just 5/9  BIS central bankers' speeches  mean the completion of the banking union, but it is especially necessary. We have an opportunity – and also an obligation, in my view – to establish the banking union on a firmer foundation. This is why the EU must succeed in reducing the excessive risks still latent on many banks’ balance sheets.
We can do this first by scaling back existing non-performing loans and preventing the build-up of new ones. I firmly believe that in this matter there are no alternatives to the ECB guidelines.