After single supervision, the banking union must be completed with a single crisis resolution mechanism and a common deposit protection system, "which still needs to be specified". This is the message launched today by the president of the ECB, opening the forum on banking supervision organized in Frankfurt. “We need all three pillars of the banking union for the currency to be truly single,” he said.
“In 2012, when it was decided to establish a single supervisory mechanism – continued Draghi -, many critics argued either that it was impossible or that its creation would last forever. We are now celebrating the first anniversary of Single Supervision with this conference. And now critics are telling us that the other improvements that need to be made to the architecture of the euro area and the European Union are either impossible or will not be completed in our lifetimes. You must forgive me if I'm not convinced."
The single supervision was neither the beginning nor the end of the reforms that must be approved "to restore Europe as a home to prosperity, but it was a crucial step - concluded Draghi - and, in many respects, the key to going after you. The solution is simple: specify what we want to change, clarify the timetable with which to do it and then simply implement it”.
