Now that FEMA is in its teens, let me attempt a self appraisal of how we have brought up or managed the baby (read FEMA), that was delivered at the turn of the century. Let me start with a few searching questions.
What we need to do now, despite its challenges, is to complete the Banking Union, including a European deposit insurance scheme. Also, large investments needed for the recovery from the Covid- 19 crisis underline the importance of finally creating a genuine Capital Markets Union. Second, the current crisis calls for a continued strong role for fiscal policy.