the European Semester and the Macroeconomic Imbalance Procedure) and the European financial sector, which underwent a remarkable transformation. Since the outset of the crisis, the ECB has played a crucial role and helped saving the euro.
With its unconventional policies, it allowed the time for political agents to adjust their fiscal 2/5  BIS central bankers' speeches  policies, to adopt structural measures and to agree on regulatory and institutional improvements needed for a sustainable EMU. In the euro area, the Banking Union was launched.