• Sees progress on unit labour costs in Greece, Ireland, Portugal, Spain (yep, amazing how lack of jobs can drive down labour costs)
• Reforms can’t stop at the ‘halfway mark’
• ESM solidarity ‘goes hand in hand’ with conditions
• 10 States have signed fiscal treaty which can start in 2013
• Further development of the euro area is indispensable
• Closer financial cooperation is needed
• ‘Strong financial market regulation necessary’
• Sees common banking supervisor, ECB to play a central role
• Banking supervision as seen isn’t enough
• EU needs power to intervene in national budgets
• EU needs more common economic policies