•  The creation of the European Systemic Risk Board and the three European Supervisory Authorities has brought into being a new financial supervisory architecture, responding to the need for macro and micro-prudential supervision at the European level. •  The Stability and Growth Pact has been strengthened, and a fiscal compact agreed in a very short period of time.
It is now important that the fiscal compact be rapidly implemented, without changes, in at least all countries of the euro area. •  A procedure has been introduced to enable macroeconomic imbalances to be identified and corrected at an earlier stage.