understanding macroeconomic equilibria requires knowing the interaction/transmission mechanisms of balance sheet positions of all agents in the economy, the behaviour of financial intermediaries and the interlinkages between the financial and non-financial sectors of the economy; this has implications on the design of economic policy, notably monetary and macroprudential policies, and on the need for interaction between monetary, macroprudential and microprudential policies;  (ii.)
the European architecture was unprepared to face the financial crisis and, despite several major steps observed in recent years, we are still living within an incomplete setup; a holistic approach – combining (i) steps in micro and macroprudential policies, (ii) policy action to implement the three interlinked pillars of the banking union; and (iii) further coherent steps in economic integration are warranted.