Therefore, looking at these facts makes one thing very clear: We have to come up with a global reform of the financial system, so to prevent such deep crisis from occurring again. Indeed, it has been one of the key lessons from the financial crisis that financial stability in our highly interconnected financial system can only be achieved through globally consistent and concerted efforts.
It would be helpful if the Eurogroup could issue a formal statement to that effect. The Ecofin Council also agrees with a framework for the prevention and correction of excessive macroeconomic imbalances, including an early warning mechanism and eventual sanctions in the case of euro area countries. The ECB welcomes the intention to channel any fines collected to the crisis resolution fund.