In order to ensure sound public finances in the euro area over the long term, the architecture of monetary union has to be further developed in a coherent manner. In doing so, particular attention must be paid to keeping liability and control in harmony. And it is crucial that such a culture of stability is actively embraced by both policymakers and the general public.
Today, we need it to act as a positive force and be supportive of the euro. The Italian banks Veneto Banca and Banca Popolare di Vicenza were wound up using public funds. Is this a failure for banking union? No. Quite the contrary, in fact.