•  As a result, the crisis revealed important weaknesses in the EU architecture and inadequacies in the implementation of the structures that had been put in place. 2  BIS central bankers’ speeches  •  First, the existing framework of economic governance was not sufficient to prevent the creation of imbalances.
The Stability and Growth Pact was not properly enforced and there was no mechanism in place for monitoring external imbalances. •  Second, the increased interdependence between financial institutions and markets, which was the result of the monetary union and the ensuing financial integration, was not accompanied by a more unified regulatory framework.