BIS central bankers’ speeches  1  At present I do not see a political majority for either of the two possible solutions – be it the path to a bona fide fiscal union or the way back to the Maastricht Treaties.
Many member states are unwilling to renounce much more sovereignty, and the mutualisation of risks that has been put in place so far can only be reversed with great difficulty. However, work on the institutional framework of monetary union has not come to a complete standstill. 3.