In the euro-area, there is evidence of limited financing of the real economy, with the consequence that euroarea investment has not recovered to pre-2008 levels despite ECB policies directly aimed at increasing the lending of the banking sector.
D.  Developments in the EU financial regulatory framework and further steps ahead  Apart from the elements of Banking Union and the BRRD, a number of other important regulatory initiatives have been taken, covering not only the banking sector, but also insurance, financial markets and infrastructures. Many initiatives are on-going and further steps are required for their completion.