Co-moderator Martin Dickson of the Financial Times summarised the proceedings by noting there were substantial divisions among the participants as to the causes of and appropriate responses to the financial crisis. Among the positions that emerged were the following: While there are some encouraging signs, the financial flames may not be out because toxic assets remain on bank balance sheets, deleveraging continues, global imbalances remain, and small and medium-size enterprises still face difficulty obtaining credit. At a time when supranational and global coordinated responses are generally perceived as necessary, nationalism and protectionism are unfortunately on the increase. National governments are unlikely to cede regulatory authority to supranational bodies such as the EU so long as their taxpayers bear the burden of bailouts of financial institutions. Many European economies are still in very bad shape. There is reason to doubt whether the de Larosière recommendations and the Commission response, particularly the proposed new European Systemic Risk Council, will be sufficient to prevent future crises.