BIS central bankers’ speeches  3        4  How would a multi-polar system work? In principle, being more “balanced”, it may even alleviate some distortions of the present system.
ii As economic conditions have improved, a false sense of security has emerged while we are still half-way across the bridge. This is exactly the topic I propose for today’s discussion. As it stands, banks continue to be ‘European in life but national in death’, as supervisory and resolution decisions are mostly European, whereas the ultimate guarantor of financial stability remains national.