It is necessary to counter the dangerous tendency towards the renationalization of financial systems. In the first place, it is essential to avoid measures that, taken in good faith but from a purely national standpoint, effectively impede the workings of the single market and the single monetary policy.
The transition to a uniform system of rules and oversight of the financial sector must be hastened, especially in the euro area. At the same time, consideration should be given to establishing common guarantee and insurance mechanisms, able to reassure savers and investors and to prevent panic and destabilizing flights of capital.