The euro crisis was not only an economic and government debt crisis but also a banking crisis. To end the vicious circle of unstable banks and weak state finances in the euro area, the banking union was established. However, the project remains incomplete. How stable are Europe’s banks nearly eight years after the beginning of the euro crisis and what does the future hold for the banking union?
Philipp Ständer is Advisor at the Federals Ministry of Labour and Social Affairs, he formally worked for the Jacques Delors Centre.