•  Fiscal union  Inadequate fiscal policies in certain Member States in the period before the crisis has shown the need for developing a European-level integrated framework of rules and procedures  3  “Towards a Genuine Economic and Monetary Union”, December 2012. 4  “Blueprint for a deep and genuine Economic and Monetary Union”, European Commission, November 2012.
4  BIS central bankers’ speeches  promoting fiscal policies that are more sound and sustainable and more coherent. Indeed, in the absence of rules and institutions that ensure the continuity of the convergence process, different preferences tend to emerge among the euro area countries, jeopardising the stability of the whole.