Regarding the “stability architecture”, the legal fundaments of the Economic and Monetary Union have to be transposed appropriately into the Treaty establishing a Constitution for Europe, in order to ensure that the essence of the stability orientation of the Economic and Monetary Union will be preserved and the institutional position of the Eurosystem within the whole European Union will be better defined.
2 Eichengreen, B., Mehl, A. and Chiţu, L. (2017), How Global Currencies Work: Past, Present and Future, Princeton  University Press. 3 On the basis of the ECB’s quantity-based indicator of financial integration. 4 ECB (2019), Card payments in Europe – current landscape and future prospects: a Eurosystem perspective,  April. 5 European Systemic Risk Board (2020), Systemic Cyber Risk, forthcoming.