They call for the harmonisation of major national regulations – bankruptcy laws, collateral framework, tax rules, company law and consumer protection – before mutual guarantee schemes are even  4  4  For an in-depth study of the Five Presidents’ Report, see I. Visco, European Union: progress or regress?, Speech at the 50th Anniversary Conference of Istituto Affari Internazionali, 13 November 2015.
Central banks can provide liquidity and improve financing conditions, but at the end it is the responsibility of elected governments to make their economies more business-friendly so that profitable projects can materialise. What did the ECB learn from the Greek episode?