Economic and financial governance requires accompanying the evolution of the market without bridling its force. There is no foolproof formula for striking this balance. Clear rules, impartially applied, are essential, but so is the ability to make sound and timely decisions in the light of circumstances.
In Europe, public regulation and action in economic and financial affairs are now largely common matters, no longer reserved to single states. The transfers of sovereignty in this field, in part owing to the shock wave of the crisis, have been very substantial indeed; shared responsibility is increasingly the rule, not the exception.