This parallel, between a stablecoin to money and banking, sharpens the difference between currencies that are stable and those that are not.
This applies both to the division of labour between monetary, fiscal and structural policies and to the division of responsibilities between the EU and national governments. Sound fiscal policies and a rapid implementation of the Lisbon Agenda are both areas where individual Member States have a pivotal role to play. Now it is time to act. BIS Review 17/2004  3