While risk reduction and sharing should go hand in hand and mutually reinforce one another, uncertainty around how  to proceed, disagreement on the sequence and effects of interventions, and fears of negative spillovers produce a standstill in the reform process. As a consequence, the euro area’s economic integration is being held back and the area itself continues to be exposed to financial risks.
And that I see as the value of the work the ACFS is doing, namely asking the question, is the system working as well as it can? In particular, talking about the system, as Rod and Peter do. In terms of the way forward, Kevin Davis had a slide in his presentation which basically mapped the path out.