•  Banking union was decided on in principle, with a single supervisory mechanism at the ECB. •  Collective action clauses will be attached to all government bonds issued in the euro area from the beginning of this year. •  Three-year tenders led to an unparalleled expansion in central bank liquidity.
•  The ESM was established as a permanent provider of assistance. •  The fiscal compact, aimed at strengthening budgetary discipline in the monetary union, was ratified in 2012. •  Greece, where the sovereign debt crisis began, received a second rescue package in February, which had to be untied and modified in the autumn.