Vítor Constâncio: Effectiveness of Monetary Union and the Capital Markets Union Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the EUROFI Conference, Malta, 6 April 2017. * * *  Introduction In my remarks today I will link the role of monetary policy with the project of the Capital Markets Union (CMU).
Monetary policy has played a vital role in bolstering euro area resilience to the large shocks that have occurred over the past decade. Indeed, it is the only expansionary macroeconomic policy in support of the resilient recovery now underway in the euro area.