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Summary "There are several questions still to be addressed in the full implementation of the agreed Banking Union actions. These include the full transposition of the Bank Recovery and Resolution Directive and of the Deposit Guarantee Directive into national law by all Member States, and making the Single Resolution Fund fully operational. Another important issue in this context concerns the exposure of banks, notably in the euro area, to debt issued by their own governments, in some cases by more than the total capital of banks. This situation remains a source of potential vulnerability that so far has not been addressed by the many reforms of the euro area or the banking legislation. This note explores possible ways to deal with this situation."

Additional Nematrian Commentary This paper explores ways in which EU banks could be made less dependent on the ongoing creditworthiness of sovereign states within which they are domiciled.

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