As a result, in order to achieve its initial objective, Europe is now faced with the critical issue of restoring fiscal prudence and economic competitiveness, which need to complement the currency union. Given that  BIS central bankers’ speeches  1  political deliberations are shaped by public opinion in the member states, reaching decisions requires considerable time.
According to IMF estimates, more than a third of the variation in AEs stock market returns and in their exchange rates in recent years can be traced to spillovers from EMEs.