A somewhat less positive take would be that national interests are  4  BIS central bankers’ speeches  plain to see, while the goal of a stable and functioning monetary union is sometimes lost from view. The future architecture of monetary union therefore remains unclear.
Progress is nevertheless being made in one specific but important area – the financial market architecture with the project of a European banking union. Properly designed, the banking union will strengthen financial stability in the euro area. It will then close up an unguarded flank of monetary union, thus helping to safeguard it as a union of stability.