Economically, financially and institutionally the setting is indeed very different, since it is most clearly epitomised by the presence of the Single Market and the single currency. Fortunately, policy makers in Europe quickly realised that there was an urgent need for quick, bold and coordinated responses.
I want to single out two very important initiatives in this respect: •  The adoption of the ECOFIN roadmap of 20 October 2009 on financial supervision, stability and regulation. •  The proposals for a new supervisory framework in the EU based on the recommendations by the so-called de Larosière Group which were published in September last year.