All in all, a lesson to take from the current sovereign debt crisis is that there is an undeniable tension between, on the one hand, the need for financial integration to ensure a smooth functioning of Monetary Union, and, on the other hand, micro-prudential and fiscal  2  BIS central bankers’ speeches  competencies that have remained at the local level.
And this tension has the potential to exacerbate the risk of future financial crises and hinder effective crisis management. We need bold steps towards a fiscal union. We need to go beyond and create a financial union. In one word, the crisis has clearly shown us that we need “more Europe”.