As a second step further down the line, we should then discuss how we can create a strong European reinsurance system for deposit protection that intervenes when national schemes are unable to cope – but only then. If we manage to do this, we will make the banking union more stable and more credible.
There is, of course, a “but” to all this, because I can see the danger that, as supervisors, we might go too far. I see the danger of overestimating the opportunities of M&A strategies and underestimating their risks.