However, EMU still has significant weaknesses and remains incomplete in some key areas, such as the Banking Union and the Capital Markets Union. The EMU results from a sharing of sovereignty between Member States. Its construction is based on permanent negotiation and approximation of different starting positions, safeguarding national cultures and identities while guaranteeing a sense of belonging and a “group identity”.
This implies an institutional framework with a great capacity to understand and manage differences and to facilitate the interaction between the interest of the whole and the specific of the parts, in order to ensure that the former is greater than the sum of the latter. EMU also requires mutual trust, where responsibility and solidarity go hand in hand.