Other suggestions refer to a common budget that can provide public goods through spending on joint investment projects or the broader political aims of the European Union, such as defence. Regardless of the exact form, it is vital that any euro area fiscal instrument comes with powerful incentives to counteract moral hazard, avoid permanent transfers and ensure sound policymaking at national level.
With that, Senior Deputy Governor Wilkins and I will be happy to take your questions. 2/2  BIS central bankers' speeches