In the process, the countries directly afflicted by the crisis had to accept: *  a sharp depreciation in the external value of their currencies;  *  a substantial tightening of liquidity conditions in domestic financial markets;  *  a tightening in fiscal policy, mainly through significant reductions in government expenditure.
Clearly, in terms of market integration the EU’s Internal Market is most advanced and may serve as an example worldwide. Under the home country control framework, the deposits of a bank and its branches in the European Economic Area (EEA) are covered by the deposit insurance scheme of the home country. The political reality is different, though.