BIS central bankers’ speeches  1  Banking Union has imparted a strong impulse to the efficiency of the financial system by fostering competition across euro area countries. Consider for example the recent decree on the governance of the cooperative banks in Italy.
The initiative is the product of a good many years of reflection on the shortcomings of the cooperative structure for listed or very large banks; at the same time, it can be read as part of a broader reform effort to bring the Italian economy up to the best European standards of efficiency. 3.