Just last month, the Committee on Payments and Market Infrastructures and the Board of the International Organization of Securities Commissions released their final report on the recovery of financial market infrastructures. 9 The report is part of an ongoing effort to provide guidance on implementing the PFMI requirements for recovery planning.
In my view, there are two options open to the euro area: either we can return to the founding principles of monetary union agreed at Maastricht, or we should venture the step towards a deeper European integration which also includes fiscal policy.