Indeed, in the aforementioned article, the German Minister of Finance also refers to the need to have a common insolvency framework for all euro area banks, while acknowledging the existence of national barriers, which would have to be eliminated to avoid a fragmented financial market. Financial union Allow me in the final part of my address to look beyond the Banking Union and refer to the Financial Union. I earlier signalled the importance of introducing a genuine deposit guarantee scheme, eliminating national barriers and harmonising specific regulatory areas. But other elements are also needed to further progress towards a true Financial Union. In this respect, developing deep and integrated capital markets will undoubtedly help strengthen the euro area’s capacity to cushion itself against macrofinancial shocks. Naturally, I am talking about the Capital Markets Union (CMU). This is a project that will complement the Banking Union, promoting a cross-border financial sector enabling economic agents to mitigate national asymmetric shocks. The Capital Markets Union project was launched in 2015 with the aim of “unlocking funding for European growth”, i.e. promoting not only the development but also the integration of European capital markets with a view to diversifying the funding sources available. However, the project has languished until recently. Testifying to this is the fact that the year scheduled for its launch was, originally, 2019. Evidently, this goal has not been achieved. That said, the importance of this project has but increased since 2015, particularly in the context of Brexit.
14.1.2020  Informational breakfast “The European Banking Union” Club Diálogos para la Democracia Margarita Delgado Deputy Governor  Good morning. Many thanks, Miguel, for your kind introductory words. My appreciation, too, to Unicaja and the Club Diálogos para la Democracia, in particular their chairman, Antonio Gavilanes, for inviting me to take part in today’s colloquium. As you well know, Diálogos para la Democracia was founded in 1976 as a debate forum that sought to provide ideas and solutions to the numerous problems arising in a society which, at that time, was in transition towards democracy. Evidently, societies evolve, and new problems arise which we must address. This is why this type of forum remains as necessary today as ever. Undoubtedly, since our democratic transition, one of the key landmarks has been our accession to what was then known as the European Economic Community on 1 January 1986, over 34 years ago. The importance of this landmark in shaping our society and our economy has been enormous. Despite this importance, I believe that knowledge in Spanish society of Europe’s institutions and regulatory framework is, very often, scant. This is why I greatly appreciate this opportunity to discuss a European project I consider most important, namely the Banking Union. Allow me to begin by acknowledging that this is a topic I am somewhat biased about.