It is commonly held wisdom that in every crisis there lies an opportunity. Financial crises are no exception. In the eurozone, we have seized the opportunity provided by the crises of 2008 and 2010, and made the banking sector a safer place – in Europe and elsewhere. A new, coordinated approach in Europe also makes responding to crises, such as the one sparked by the outbreak of Covid-19, much quicker and much more efficient than would otherwise have been the case.

First, there can be no doubt