The fiscal  BIS central bankers’ speeches  1  compact and the European Stability Mechanism are prominent examples of this purely intergovernmental approach. The European project has always been characterised by differential integration and this is likely to continue.
Since the beginning of the crisis, these central banks’ balance sheets have grown significantly above levels that for decades had been considered typical (see Figure 4). 5 / 15  BIS central bankers' speeches  6 / 15  BIS central bankers' speeches  Such a profound change in policy conduct requires us to carefully explain that consistency does not mean constancy.