(2022), “One Scheme Fits All: a central fiscal capacity for the EMU targeting eurozone, national and regional Shocks”, Discussion Paper, No 16829, Centre for Economic Policy Research, February; Beetsma, R, Cima, S. and Cimadomo, J. (2018), “A minimal moral hazard central stabilisation capacity for the EMU based on world trade”, Working Paper Series, No 2137, ECB, March; Arnold et al.
To reach this objective we have to establish mechanisms that allow banks to fail without disrupting the entire financial system. We have made significant progress both at the European and at the global level. And although we have not yet reached our objective, I am confident that we will eventually do so. Thank you. 2  BIS central bankers’ speeches