In the context of this Pact, EU governments have agreed to reduce their government budget deficits to close to balance or even to create surpluses in the medium term. Should ministers refrain from speaking about monetary policy in public? My own preferred answer to this question, whatever it might be, is largely irrelevant.
The coexistence of internationally active firms with nationally based insolvency regimes means that there could be important cross-border legal complications when a home jurisdiction places into receivership a firm with significant assets, subsidiaries, and contractual arrangements in other countries. A comprehensive, treaty-like instrument for a global bank resolution regime to address these issues is surely an unrealistic prospect for the foreseeable future.