The four main dimensions of reform – relating to banking, budgetary framework, economic efficiency and competitiveness for growth and democratic legitimacy – have been conveniently set out in the report of the four presidents, (of the European Council, the Commission, the Eurogroup and the ECB) which was prepared in advance of the June 2012 Summit.
(Much of the costs here are recovered from the industry; indeed all regulatory costs could be so recovered, instead of having the effect of eating into the Central Bank’s surplus income to be transferred to the Exchequer; and the Central Bank has suggested this to successive Governments.)