These include, inter alia: a reinforcement of the EU fiscal framework modelled after the German “debt brake”; an incentive mechanism at EU level to encourage structural reforms; and a closer integration of financial supervision that is commensurate to a strong integration of financial markets across borders. The ECB supports these efforts to strengthen the institutional architecture of EMU.
BIS central bankers’ speeches  5  Appendix A to statement by Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System Before the Committee on Banking, Housing, and Urban Affairs U.S. Senate Washington, DC, December 6, 2011  As of December 5, 2011  1/1/2012  Completed. 5.