The banking union is incomplete and not without flaws, the foundations for the capital union are still being laid, and fiscal union has been postponed to an unspecified future date. Concerns about the public and private financial vulnerabilities accumulated during the crisis and mutual distrust keep progress on hold.
First, it is absolutely normal and proper that central banks should provide liquidity when banks that are quite solvent are faced with markets that have become illiquid – a point that Walter Bagehot recognized more than a century ago. Banks need to know that they can access the central bank's liquidity facilities when required.