The Federal Reserve responded by escalating our enforcement action to a cease and desist order and imposing a substantial penalty on ABN AMRO.3 The Federal Reserve’s order required ABN AMRO to implement a global compliance program and take specific steps to prevent circumvention of the required U.S.  2  Board of Governors of the Federal Reserve System (2004), “Written agreement with ABN AMRO Bank,” press release, July 26.
But the euro area isn’t yet permanently crisis-proof. And that’s why it’s good that President Macron’s proposals, and those of others, have given the debate fresh momentum. The Bundesbank, too, has long been contributing constructive proposals to the debate. Though they may come in different guises, most of the ideas presented recently boil down to expanded joint liability and risk-sharing.