First, banks, because they will in future be subject to a single regulatory and supervisory framework; Second, borrowers, because they will once again be assessed by their creditworthiness rather than by their location; Third, taxpayers, because they will no longer be first in line to pick up the bill in the event of bank failures.
All of this will help to restore confidence in the banking sector. Banks will be able to resume their core business, supplying credit to the real economy, offering secure savings accounts and making sure that payments are conducted safely. Especially at this formative stage, we must now lay proper foundations to enable the banking union to fulfil these high expectations.