Overall, the banking landscape still resembles too much a collection of banking systems highly exposed to their domestic economies, with limited cross-border private risksharing. At the same time, unprecedented institutional progress has been achieved in a relatively short time span since the establishment of the Single Supervisory Mechanism.
One should recognise that banking union is both an objective and a process of fundamental structural changes in the euro area’s financial architecture. Today we certainly are more than midway, but this does not imply that one can step back and wait. The next steps are clearly set out in the ECOFIN roadmap to complete the Banking Union.