Europe is faced with a pivotal decision on how a stability union is to be preserved, and has to engage in a public debate on precisely the politically unpleasant questions. As in monetary policy, responsible action also means heeding the lessons of the past and not repeating earlier mistakes – especially in times of upheaval. This message may appear simple, perhaps even dull.
I nevertheless find it helpful and important. If everything flows, as in the current situation, you should not simply let yourself be carried along by events. It is precisely in times like these that it becomes even clearer what gives support and what has permanent value. Thank you for your attention. BIS central bankers’ speeches  7