In particular, we need to make sure that the new bail-in rules are applied evenly across countries and with the minimum scope for national discretions. We also still don’t have  4  BIS central bankers’ speeches  agreement on a backstop for the Single Resolution Fund. And a European deposit insurance scheme would signal progress in completing banking union.
That brings me to the final area for action: completing our monetary union. The Five Presidents’ Report has laid out a long-term vision for Economic and Monetary Union (EMU) and a sequence of steps towards it. Now we need to realise the short-term steps that will lend credibility to that long-term vision – first and foremost, by finishing all three pillars of banking union.