There is more to a banking union than that, however. The aim is not only a better prevention of crises, but also the ability to cope with crises in fiscal terms, which means money – and not a small amount at that.
The degree of Europeanisation of financial stability policy is closely linked to the Europeanisation of fiscal control and intervention rights in this connection, if not inseperable. This is where I see the greatest challenges – for monetary policy and the entire monetary union alike. 3. On the financial and economic foundation of monetary union  The crisis has exposed the weaknesses of monetary union.