But there is a role, too, for deeper financial integration through the CMU to build resilience. 7 / 10  BIS central bankers' speeches  Well-functioning political, economic, and monetary unions are normally characterised by high levels of risk-sharing across regions.
And I have to say that a large number of other voices would accept “economic governance” but not the expression “economic government”, in particular because they fear it could mean exerting pressure on the independent central bank. As President of the ECB, I always make the point that the central bank is totally independent.