The question of course remains how quickly Europe will complete its Economic and Monetary Union (EMU) – before it is really too late – and move, for instance, towards a common Deposit Guarantee Scheme, some form of sovereign debt mutualisation, or indeed put in place a Capital Markets Union.
I would also like to see the ESM mutated to a truly European Monetary Fund in charge, among other things, of future debt restructurings in eurozone member countries. There is not much time left. The time has come for change, and I mean the full completion of EMU. “Nothing endures but change” to quote Heraclitus, a 4th century BC Greek philosopher.