Altogether, the CMU has the potential to enhance private (as opposed to public), and crossborder (as opposed to domestic) risk-sharing, which could increase the shock absorbing capacity of the European economy as a whole, and thereby help to safeguard financial stability and the resilience of our monetary union.
Here, we would do well to heed the words of Alexander Hamilton, a founding father of America’s economic and political union. Just as Hamilton once called to his fellow Americans, we Europeans should call on our leaders to “learn to think (more) continentally”. Thank you for your attention. 4  BIS central bankers’ speeches