However, we need to define what kind of institutional arrangements will be prerequisite to meet our aspirations, what kind of society and what kind of economy we want to build. I also do not think that the real question is of federalism versus national sovereignty. The EU is federal already. It divides power between different levels of authority.
It is commendable that financial institutions have reduced their exposures to the public debt of their respective countries since the crisis. However, banks are still too exposed to their domestic economies. The banking union is currently still too much of a collection of national banking systems.