There has been substantial progress in designing new regulatory policies and some progress in implementing this new design. The second stage of the crisis is really a combination of, I would say, a challenging political phase, where euro area leaders are reshaping what I called the fiscal “compact,” and a situation where banks and countries, face serious funding constraints.
More generally speaking, the ECB would welcome any initiative of euro area governments designed to enhance - in compliance with the respective competencies of the ECOFIN Council and the Eurosystem - the credibility and clout of the euro area in the international community.