4  BIS central bankers’ speeches  The crisis has already led to major progress on institutional matters, such as the establishment of the European Stability Mechanism or the banking union, with a Single Supervisory Mechanism and a Single Resolution Fund based on common rules. These two achievements have played a key role in strengthening monetary union during the crisis.
The establishment of the banking union is also an example of an institutional process allowing the sharing of risk, which followed several steps. First: political agreement on European legislation laying down common rules and putting an end to bank sector abuses.