So we need to ask: who is actually looking after financial stability? And which institution is capable and actually equipped to safeguard it? With the benefit of six years of hindsight, it is now clear that several links and stabilising elements are missing in the Banking Union. These need to be urgently tackled.
At the current juncture, policymakers and co-legislators need, at least, to fine-tune the regulatory framework, and deliver on what was agreed.