For example, a crisis mechanism was not envisaged and there was no banking supervision at the European level. A number of important decisions have been taken in the meantime, for instance on the banking union and the European Stability Mechanism. The euro area has started to fix itself – and we’re still in the middle of that process.
At one end of his spectrum lies the demand to achieve financial inclusion as nearly 50% of the country’s population is yet to be covered under the formal system of banking and at the other end lies the task to fulfill the needs of the existing customer.