Europe's much-vaunted banking union has made progress but more needs to be done to make it perfect, the vice president of the European Banking Federation, told CNBC.
"We have made a lot of progress, in terms of putting in place the banking union. We have the Single Supervisory Mechanism and the Single Resolution Board and we have case studies of how it is working in reality so I think a lot of progress has been done but having said that, is it yet perfect? Not at all," José María Roldán told CNBC's Joumanna Bercetche Tuesday.
"We need to make further progress," Roldán, who is also chairman of the Spanish Banking Association, said.
A European-wide banking union that was initiated in 2012 in the region as a way to prevent further financial shocks, and to separate sovereigns from their banking systems, is still not entirely complete with a European deposit insurance scheme still missing.
What has been implemented, however, is the Single Supervisory Mechanism, which has seen the European Central Bank take on certain supervisory tasks over the EU financial system, and the Single Resolution Fund, funded by euro zone banks and to be used as a last resort to rescue struggling euro zone banks.