Given the spillover effects of postponed structural reforms on the functioning of EMU, these reforms cannot be the sole responsibility of the governments concerned, but should also have a “European” dimension. This may take different forms. Political leaders already took an important step with the creation of the Macroeconomic Imbalances Procedure.
The "lender of last resort" function that I mentioned at the beginning is one of the functions of a central bank to maintain financial system stability. Second, the value of the currency must be stable, that is, price stability must be maintained. A central bank conducts monetary policy to fulfill this condition.