They call for the harmonisation of major national regulations – bankruptcy laws, collateral framework, tax rules, company law and consumer protection – before mutual guarantee schemes are even  4  4  For an in-depth study of the Five Presidents’ Report, see I. Visco, European Union: progress or regress?, Speech at the 50th Anniversary Conference of Istituto Affari Internazionali, 13 November 2015.
BIS central bankers’ speeches  discussed; and, above all, they call for the preliminary introduction of prudential requirements for banks’ sovereign exposures. Discussions seem to be deadlocked. A climate of mistrust still prevails along national borders. *  *  *  Let me sum up.