Building up the ESM rescue fund is more urgent. We also need to complete the banking union and the capital markets union without undue delay. The banking union envisages a common deposit insurance scheme. Germany has serious misgivings that this would amount to risk-sharing.
In this strong role, we will continue to deliver clear assessments of the risk situation of the German banking sector, but also, I expect, increasingly of the European banking sector as well. Today’s first Financial Stability Review following the inauguration of the SSM is therefore certainly anything but a curtain call. Thank you. BIS central bankers’ speeches  3