European banking union key to efficient crisis management post-financial crisis.
The article discusses how Europe responded to the financial crisis from 2010 to 2013. It looks at actions taken by central banks, governments, and regulatory bodies. The focus shifted to the sovereign debt crisis in the euro area, leading to the creation of the European Stability Mechanism. After 2012, attention turned to the European banking union to address remaining challenges. The authors believe that the banking union is crucial for better crisis management in Europe.