Much has been achieved, but there is still much to do. BIS central bankers’ speeches  3  Limits of harmonisation Ladies and gentlemen, harmonisation is not an end in itself but important for financial stability and sustainable economic growth. But how far must harmonisation go? Let’s consider football again.
As regards fiscal policies, euro area countries have made important progress in correcting fiscal imbalances. They should not unravel past consolidation achievements and should put high government debt ratios on a downward trajectory over the medium term, in line with the Stability and Growth Pact.