The new financial architecture in the Eurozone

This publication follows the 2015 Annual Conference. The following key thoughts are central to the book: 1. Despite its incomplete nature, the Banking Union represents a great achievement in terms of financial stability control, thus ensuring a more resilient euro area. 2. By contrast, the exact objective, scope and institutional capabilities of the Capital Markets Union remain a puzzle to many participants. 3. Risks of regulatory fragmentation arising between the European Union and the Euro Area are somewhat exaggerated, it was overall felt. The existence of European platforms such as the European System of Financial Supervision (ESFS) acts as a safeguard to the integrity of the single market.