In particular, the euro area urgently needs investment in new technologies in order to catch up with its 9 / 14  BIS central bankers' speeches  competitors and investment necessary to face the challenges of climate change. Part of this investment will be public or in the form of private-public partnerships.
This implies acknowledging the current institutional distribution of responsibilities between home-country and host-country authorities also in a crisis situation. Third, the principle of the primacy of private sector solutions as regards crisis resolution. Again, the arrangements should avoid any kind of moral hazard that could provide the wrong incentives for risktaking by the financial industry.