It could also be important to rebalance the financial structure of firms, especially in those countries where the level of indebtedness in the non-financial corporation sector is still significant.” 9 Fourth, and last but not least, there is also a case to contemplate institutional innovation and governance change in the Economic pillar of the Economic and Monetary Union.
The euro area has recognised that, for its collective stability, it has to deepen integration in certain areas – and it is now beginning to do so. What we are seeing playing out today is not so much the “audacity of hope”, but rather the “audacity of necessity”. In my view, the most significant change taking place is the development of Banking Union.