At the Summit on Financial Markets and the World Economy held in New York in November of this year, the Heads of State of the G20 agreed on “Common Principles for Reform of Financial Markets”. International Institutions, such as the IMF or FSF, published valuable reports and recommendations on possible improvement of the financial architecture.
The OMT announcement prevented a financial collapse with potentially devastating consequences for the European economy: all the member countries benefited, not just those at the centre of the sovereign debt crisis. More than anything else, however, a shared determination to advance towards a full European Union is essential.