3 Completing the Banking Union with a European Deposit Insurance Scheme: who is afraid of cross-  subsidisation? ECB Occasional Paper Series No 208 / April www.ecb.europa.eu/pub/pdf/scpops/ecb.op208.en.pdf?557c7f15bddfac62f842fd08920b1e6e. 2018  4 The NPL ratio in Italy was 11.1% in Q4 2017.
5 This option is suggested by a group of French-German economists: Reconciling risk sharing with market  discipline: A constructive approach to euro cepr.org/sites/default/files/policy_insights/PolicyInsight91.pdf  area  reform,  January  2018  6 Draghi (2017), ‘Structural reforms in the euro area’, Introductory remarks at the ECB conference ‘Structural  reforms in the euro area’, Frankfurt am Main, 18 October 2017; and Bank of Finland (2018), ‘Euro countries recovered from crisis at different paces’, Bank of Finland Bulletin 1/2018.