Central bankers of the world will be forced by circumstances to work more closely together, not only in the control over banking and other financial institutions, but also in BIS Review 27/1998  ˝  -4-  the implementation of monetary policy. Developments now taking place in Europe for the establishment of a European Central Bank may be followed in other future regional compilations.
And fourth, as already mentioned, a banking union was resolved, establishing a Single Supervisory Mechanism under the aegis of the ECB and a Single Resolution Mechanism for ailing banks. The measures I have just mentioned have made the monetary union more stable in the long term and, in some cases, have also played a part in preventing the crisis from escalating.