The foundation of the banking union can then be fortified by putting an end to the preferential treatment of sovereign bonds, third by building up loss-absorbing capital, TLAC and MREL, and fourth by harmonising insolvency regimes.
But more has to be done to make the voice of Europe’s citizens heard. We need what in Germany is called demokratische Teilhabe. And this is where you are needed. I would like to ask all of you – journalists and publishers but also policy makers and academics – to help to develop a genuine European public space, eine europäische Öffentlichkeit.