3  See Williamson, J., “Comment”, in Bergsten, F. (ed), International Adjustment and Financing: The Lessons of 1985–1991, Institute for International Economics, 1991, p. 243. BIS central bankers’ speeches  1  prudential policies. I will conclude with a few words about what else is needed to complete the repairing of our monetary union. 1.
The sovereign-banks’ feed-back loop  As you may remember, the whole idea of launching a single European supervisor was born in the June 2012 Summit as a consequence of the decision to prepare direct European recapitalisation of weak banks.