I am sure that your institution will continue to play an essential role in this process, as it repeatedly has in recent years. The troika in its current form will not be there forever. I am convinced that in the long term, Europe’s crisis management framework should be brought under the single umbrella of Community law.
But there is no short term alternative and as long as it is sought, we will continue to contribute our candid advice, learning from experience. I thank you for your attention and I am now looking forward to your questions. BIS central bankers’ speeches  3