BIS central bankers’ speeches  3  The euro is unique among international currencies. It is the major currency that is not issued by a sovereign state, but by a union of states. Monetary policy is inherently indivisible in a monetary union, and for the euro area, it is conducted at European level.
In contrast, fiscal policies and other macroeconomic policies continue to be largely the responsibility of national governments and reflect national political preferences. Our economic governance framework has so far not managed to guarantee the implementation of sound policies in all Member States.