€d_Modus Vivendi schreef op 23 september 2015 15:14:
Most imminently, we should move towards completing banking union through a common backstop for the Single Resolution Fund and through a European deposit insurance scheme. Both are essential to create a truly single banking system to mirror our single currency, and both are crucial to underpin the credibility of banking union and finally achieve its initial promise, namely breaking the bank-sovereign nexus, making the financial system more resilient, and protecting the interests of taxpayers. At the same time – going beyond the confines of the banking sector and banking union – we must make progress in developing a capital markets union to enhance further the scope for cross-border private risk-sharing.
In addition, we need to prevent imbalances – whatever their nature – from developing into a crisis environment. Therefore, we need a new convergence process based on the capacity of our economies to withstand shocks and grow out of them quickly. This would imply not only a more robust financial system as just described, but also stronger governance over structural reforms and a tighter control of national fiscal policies. To ensure that Member States can adjust to shocks, whatever their size, we will also need to add a layer of fiscal stabilisation at the European level.
Taken together, these steps towards completing EMU would help to make the euro area not only survive, but thrive and prosper.
On that note, I am now looking forward to your questions.