I would like to approach the topic from three angles: First, the role of governments. Second, the role of the ECB. Third, the role of Banking Union. 1. Dealing with financial fragmentation: the role of governments  I begin with the role of governments because it is important to stress that they have the first responsibility for dealing for financial fragmentation.
While there is much media focus on ECB actions and Banking Union, it is only really governments that can deal with the root causes of the current situation. There are three channels where this is particularly relevant.