It is my firm belief that the recent reforms to the regulatory and supervisory process, as well the ECB’s new role in systemic risk management will contribute greatly to this process. Thank you very much. BIS Review 50/2010  13  The charts are also to be found on the website of the European Central Bank.
I believe that political leaders need to take a prompt decision on which of these two routes to take. The middle road of communitising liability whilst retaining independent national fiscal policies threatens to be derailed by its own inconsistency. It would endanger the survival of a stability-oriented monetary union, and thus also the European integration achieved thus far.