Legislative harmonization will inevitably be a gradual process; a modular approach seems the most reasonable course of action to follow, starting with the easiest reforms and then gauging where there is room to tackle more ambitious challenges. I have recently highlighted the distinctive importance of the CMU project for Italy.
Further measures to deepen integration and bolster stability are required. Looking forward, we have to identify any remaining weaknesses and seek to address them. Until now, it has generally been argued that the main responsibility for financial supervision has to remain at national level. The consequences of failures in supervision ultimately fall on the taxpayers of the country where the bank resides.