However, there is no room for complacency in this regard. Risks to financial stability, including new risks such as cybersecurity threats, require continuous attention. The process of establishing a capital markets union remains in its infancy and faces a number of daunting legal challenges, which will need to be overcome (e.g. as regards harmonising – if not unifying – national insolvency laws).
Moreover, the banking union needs to be completed by ensuring that 4/7  BIS central bankers' speeches  fully robust European lines of defence are put in place to protect taxpayers, customers and depositors.