In this regard, Jon Cunliffe rightly pointed to the particular importance of this “smoothing through risk sharing” for the euro area “given the relative lack of adjustment mechanisms available to individual euro members when they are hit by shocks”. 5.
Conclusion  Ladies and gentlemen Before I conclude, I would like to quote Tom Wolfe’s novel The Bonfire of the Vanities, which I mentioned at the beginning of my speech:  BIS central bankers’ speeches  7  “(…) there was no more talk about Bond Bores these days (…) Not at all!