This is precisely what we have agreed upon as part of our ongoing G20 presidency and we have entrusted the Financial Stability Board with the related tasks. Aside from the creation of the banking union and macroprudential supervision, there have been other institutional reforms in the euro area aimed at making the monetary union more crisisresistant.
We are fortunate to have many: •  a well-educated and increasingly efficient labour force;  •  privileged global access to capital;  •  abundant commodities;  •  a resilient financial system; and  •  sound fiscal and monetary policy.