Burkhard Balz: The European payment industry in challenging times Speech by Mr Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank, at the Payments Association (PA) EU "Payments tomorrow" – Annual Conference 2022, Madrid, 14 October 2022.
However, many subsequent improvements that led to the establishment of the European Stability Mechanism (ESM) have placed the regional financing arrangements on a much stronger footing. In addition, the EU is also addressing the institutional deficiencies in the monetary union by gradually moving towards banking and the fiscal union.