Formal adoption of the legal texts by the European Parliament will allow us to formalise the preparations and launch them so that we can be operational one year after adoption. Effective supervision requires effective resolution, which in turn requires establishment of a single resolution mechanism. We count on the European Commission to make a proposal in due course.
Once these processes are launched, the banking union will be within operational reach. It should provide an answer to many of the challenges currently facing the euro area, including uneven credit conditions and the fragmentation of financial markets.