The European Central Bank says that despite improvement in euro-zone financial markets, any indications that plans to develop a banking union have stalled could hurt the markets. "In spite of the improvements in market conditions since then, the climate in the financial markets remains fragile," according to the ECB. "Further progress towards the establishment of a single supervisory mechanism, as well as other components of the banking union, will be a critical factor underpinning financial market performance this year."

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