At the same time, requirements on fiscal and other macroeconomic policies should be more ambitious. To ensure that none of the euro area countries are left behind, they have to bring national policies in line with the membership to a currency union. The implementation of sound fiscal and macroeconomic policies is best ensured if these are solidly anchoring at national level.
An effective way of achieving this is to implement strong national budgetary frameworks in the euro area Member States. 8  BIS central bankers’ speeches  Another important area of reform, at the global level, is the reform of financial governance. I have to say that on financial reform we have made more rapid progress.