The most experienced among you may remember that the idea of a joint financial supervisory system was actually discussed by the Delors Committee back at the end of the 1980s, but was ultimately dismissed. The crisis set in motion a learning process in this field, too, in which old beliefs were called into question, and not only in the member states.
This, by the way, also applies to the Bundesbank, which, for example, had long been sceptical of a common financial supervision. The ESM and the banking union, together with stricter financial regulation, have doubtless made the monetary union more stable.