2  On the positive side, one has to mention the establishment of a permanent rescue fund, the European Stability Mechanism, which provides financial assistance to euro area countries experiencing, or threatened by, severe financing problems, which can no longer borrow money on financial markets as a result.
A Banking Union is on track to be completed, ensuring centralised supervision of systemically significant credit institutions subject to a single rulebook applicable across the European Union and also ensuring centralised resolution in the event of failure of such a credit institution.