Daianu argued that mistakes in economic policy were accompanied by gross abuses of securitization, abnormally skewed incentives and a loss of moral compass, inadequate financial models and failures to check for systemic risks, a breakdown of due diligence and an almost blind belief in the self-regulating virtues of markets. The liberal MEP argued that a reformed regulatory and supervisory framework of financial markets need certain principles such as all financial entities should be regulated, derivatives markets should be regulated; remuneration tied to long-term performance and banks better capitalized. On the European level the European Central Bank should be given more power to deal with systemic risks and early-warning capabilities. An EU-wide system of regulation and supervision of the largest financial groups should be created and mechanisms should be clarified in case of cross-border rescue packages. But EU member countries have to resist financial protectionism and avoid the reassertion of national markets and fragmentation of the single market, which could endanger how the EU functions. This would not serve the aim of imposing and enforcing common rules for financial systems in the world economy. The lively discussions with the audience in ELDR's overcrowded meeting room and Daianu’s thoughtful and detailed knowledge were yet another confirmation that Liberals do have the answers how to return to a path of financial stability and economic prosperity.