On the question of risk-sharing, why does the ECB, through arrangements as the provision of emergency liquidity by the Greek central bank or the public asset purchase programme, pass the risk onto the national central banks? Isn’t this a sign of fragmentation of the euro area? I don’t think that’s at all the case.
Second, the transition timetable and grandfathering can be expected to be enlightened. The expressed intent of G-20 policy-makers is to get the measures right and then to phase them in as financial conditions improve and economic recovery is assured, with the aim of implementation by end-2012.