All this is happening in a world of enormously increased capital flows. In this world, it will be surprising if we are not asked whether monetary policy can make a bigger contribution to maintaining financial stability. The obvious place to start would be with asset prices.
Some EU Member States have recently renewed their interest in the process leading to participation in the exchange rate mechanism (ERM II) and the adoption of the euro. This could become a fundamental catalyst for institutional reforms in the years to come. Second, the scope of the Single Market must be broadened.