In such an environment, a European deposit insurance scheme would result in Eurobonds being introduced through the back door. 4. Capital markets union – the next step to take  Although the European financial system is still dominated by its banking sector, Europe has to broaden its view beyond banks to achieve a comprehensive framework.
4 •  Beyond this effect, the increasing use of international production opportunities based on comparative advantage may lead to a change in the production structure of our economy, which would in turn alter the relative scarcity of production factors, and thus the response of their prices and the prices of final goods to economic shocks.