The EU lacks competence in the social policies of its member states. This undermines the success of the monetary union. The Open Method of Coordination could provide an alternative to gradually nudge countries towards a single regime. It deserves attention
Globally there is a trend to modernize and harmonize regulations on insolvency proceedings to make them more debtor friendly. In fact the old less debtor-friendly regulations are very modern because they are well adapted to the demands of the new economy.