But the current difficulties can also be seen as an opportunity for a further integration of the European Union. In the medium-term we must improve the institutional framework for the euro area. Europe has always made its greatest steps forward in times of crisis or at least difficult times.
Important steps have already been taken to tackle the disclosed institutional shortcomings of the existing economic governance framework. They apply to the fields of financial supervision, fiscal and economic sustainability and a crisis resolution framework. 6  BIS central bankers’ speeches  1. Consolidated financial supervisory framework  Before the crisis, the regime for financial supervision in Europe was fragmented.