Much has been done – in the member states as well as at the European level. These days, a shock similar to a sovereign debt crisis would not find the euro area as ill-prepared as it was in the past. But the euro area is not yet fully crisis-proof. There is still need for further action.
The regulations that were drafted by the Financial Stability Council and adopted by the G20 must be followed to the letter the world over, under the supervision of the prudential authorities. Moreover, I firmly believe that there is a problem of values in our societies.