8  BIS central bankers’ speeches  The European banking system, the member states and the European regulatory framework have to be made more crisis-resistant so that the euro area can return to a path of sustainable growth. As I mentioned earlier on, there’s plenty of good news at all three of these levels. But that doesn’t mean we can declare the crisis over.
The adjustment process in the crisis countries is likely to continue for quite some time. The tightened regulatory framework needs to be applied more forcefully in practice and additional measures will have to be introduced. Ultimately, the only way to overcome the crisis ... ... is to gradually rebuild confidence. But this is only possible if the euro area consistently maintains its stability course.