The main efforts both in Europe and across the world are now moving from crisis fighting to long-term crisis prevention. Two main approaches are being implemented: The first approach is to adjust the structures of the banking industry by implementing the Basel III process and the European banking union project. Christian Noyer, who plays a key role in both areas, will talk about this.
The second approach is to adjust public finances. As I have shown before, the founding fathers of EMU were already fully aware of the risks of having a single monetary policy without a centralized European fiscal policy counterpart. This awareness gave birth to the EU  BIS central bankers’ speeches  3  Stability and Growth Pact in parallel to EMU.