It is clear that efforts to strengthen the recovery have to be undertaken. In the financial sector, remaining fragilities in the banking sector need to be fixed and the banking union completed. Otherwise, market participants will continue to fear that local vulnerabilities could eventually spread and destabilise the European banking system before all the firefighting tools are ready to be deployed.
The aim must be to move forward swiftly on both risk reduction and risk sharing. Risk sharing involves both the public and private sectors, for example by ensuring the same level of deposit protection through a European deposit insurance scheme, but also by continuing to build a capital markets union in Europe.