In this respect, some data show that part-time employment in both the euro area and the U.S. seems to be partly of a voluntary nature and, per se, might thus reflect individual or cultural preferences. However, having said this, it should also be borne in mind that households are influenced by their institutional environment. This includes for example taxes, social security and pension systems.
c.  Towards a banking union  However, the most significant governance development has been the commitment to create a real banking union in the euro area – to resolve the “financial trilemma” I referred to at the beginning of my remarks. Its first component is the elevation of supervisory responsibilities to the European level.