The transition to a uniform system of rules and oversight of the financial sector must be hastened. In the euro area the plan for a banking union is ambitious; it goes in the right direction. Some progress has been made on the convergence towards a single set of global accounting standards; but much remains to be done.
That way consists in affirming the decentralised approach of the Maastricht framework and reinforcing the principle of national responsibility. At first, that may seem to be a case of looking backwards. But that impression is deceptive, because it is not about restoring the monetary union to its pre-crisis condition.