(3) As regards the banking union and the euro area, a clear picture is emerging – so far and looking ahead – of very limited money transfers between member states. In other words, there is limited risk sharing and joint liability.
Some Europeans lament this, and there are arguments both for and against risk sharing, but there are good reasons why the institutions have been designed as they have. The economic and financial situation Four short remarks about the economic and financial situation: Firstly: The economic recovery has been successful until now.