They have seen how, without a credible framework for fiscal policies, they can lose effective sovereignty to financial markets. The solution is to complete Economic and Monetary Union – for Monetary Union to be accompanied by a banking union, a fiscal union, an economic union and ultimately a political  2  BIS central bankers’ speeches  union.
To advance this, the FSB has published two consultative reports with recommendations: One report that reviews the FSB's high-level recommendations of October 2020 for the regulation, supervision, and oversight of "global stablecoin" arrangements, and which has proposed revisions to strengthen the recommendations in light of recent developments.6 And another report which has focussed on broader crypto-asset activities and markets and proposes recommendations that seek to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets.7 It also proposes strengthening international cooperation, coordination and information-sharing.