Fully applying the strengthened economic governance framework will support this objective. Second, in the  2  BIS central bankers’ speeches  medium to longer term, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions so as to strengthen our economic policy governance.
A common rule is only as strong as the common institution that can enforce it. The discussions on the new Four Presidents’ Report will certainly provide a good opportunity to think further on these matters, and I am looking forward to your views in the upcoming Berès report on the economic governance framework. Thank you for your attention. BIS central bankers’ speeches  3