It was no accident that the original blueprint for Banking Union rested on three pillars  (banking supervision, crisis management, and deposit insurance): each one is an integral part of the financial architecture needed to safeguard the soundness and the stability of any  banking system, and to break the vicious circle between banks and sovereigns.
This is  particularly important in Europe where, in spite of the multiplicity of sovereign states  involved, we aim to achieve a single European banking market with European players.