Banks’ capital ratios have been strengthened a lot since the crisis, and the responsibility for supervision has been centralized at the ECB. This has already made banks more resilient in the face of any future shocks. The new bank recovery and resolution framework is also part of the banking union.
Its purpose is to reduce the moral hazard problems which are linked to the problems of explicit or implicit government guarantees and the too-big-to-fail. It strengthens the incentives for prudent risk management and the correct pricing of risks. It will make banks more resistant to the temptations which the low interest rate environment may entail.