The creation of the banking union with the objective to mitigate contagion effects and break up the doom loop between sovereigns and banks - the establishment of the Single Supervisory Mechanism in 2014 and the Single Resolution Mechanism in 2016 were rapid while significant reforms occurred in this direction.
The creation of the European Financial Stability Facility in 2010 and its successor, the European  Stability Mechanism, in 2012 which provided an important tool for the prevention and management of sovereign debt crises - at least those triggered by adverse country-specific shocks.