Although this third phase of the crisis has so far not impacted significantly on euroarea economic developments, and financial markets have continued to recover, too, the  BIS central bankers’ speeches  3  sovereign debt crisis still poses a serious challenge for the euro area as a whole that needs to be resolved before it potentially becomes a more serious threat to the recovery.
Policymakers have already taken important first steps in this regard, both to embark on ambitious and timely consolidation as well as to strengthen the institutional framework within the EU.