BIS central bankers’ speeches  1  Thus, in order to get the sovereign debt crisis under control and create a stable monetary union, the financial system needs to be strengthened and the institutional framework of European Monetary Union improved.
3  A stable financial system for a stable monetary union  Of course, strengthening the financial system is an important task, irrespective of the sovereign debt crisis. Since the financial and economic crisis at the latest, creating a stable and resilient financial system is a matter of global concern. In fact, a number of improvements have already been made in this context.