The legislation already in place and now being considered adds up to a fundamental reshaping of the EU's financial system. Agreement on banking supervision will put the European financial system on far more secure foundations and act as a springboard for confidence. 2013 will see the implementation of many of the detailed rules of this package. The same is true for cohesion policy, where the key priorities for growth-enhancing measures and structural reforms brought out in the European semester will be put at the core of new national and regional programmes and where the focus will be on the finalisation of the country-specific mandates for the next.
