All we’ve heard all bloody week is how important this banking union is yet in usual euro stylee everyone is talking instead of doing.
The Cypriot case has been a salutary reminder of the importance of establishing banking union as swiftly as possible.
Only then we will be able to break the negative interaction between sovereigns and their banking systems
He was speaking to the economic and monetary affairs committee
- Cyprus bank reliance on ELA still unnaturally high
- Banking sector in Cyprus not yet stabilized
