6  BIS central bankers’ speeches  And third, the ministry would represent the euro area in international financial institutions. Since my Karlspreis address, it seems to me that the case for such an approach has strengthened. I now hear leaders calling for a Treaty change to create stronger economic governance at the EU level.
Developed financial markets can also provide households with a wider range of investment choices, some of which can be facilitated by non-bank financial institutions such as investment funds. However, activities related to market-based finance may also give rise to financial vulnerabilities, which needs to be monitored and, if needed, addressed.