That is not to preclude new regulatory initiatives, which are still being put forward. But the implementation task arising from the pipeline of reforms already agreed, either in detail or at a conceptual level, is very large indeed.
So it is now clear that the contract between states has to be enforced more explicitly, by a stronger “neutral judge”. If there are to be open markets and a shared currency between countries, there also have to be stronger common rules – and a stronger European Commission to enforce them.