Mr. Klaus Regling:

Deputy Doherty has mentioned one very specific aspect. For me, what has happened goes a long way in terms of closure because the European partners and the euro area as a whole, have developed a completely new system. Monetary union today is different from monetary union as it was designed during the 1990s and in the Maastricht treaty. We now have emergency financing available through my institutions. We have much broader surveillance. We have a banking union. Countries are under stricter economic policy co-ordination that goes far beyond the fiscal side, which was always co-ordinated through the Stability and Growth Pact. Now we also address all the other areas that can lead to problems. We have an excessive imbalance procedure that looks at current accounts, wage developments, and competitiveness among other matters. It is a new system. That is what the European partners could do. In Ireland, Parliament has done a lot of work in that regard. There are also proceedings going on against individuals. All of that is important.