The plan published by the European Commission in November 2012 and the report of the President of the European 2  BIS central bankers’ speeches  Council in June of the same year (updated the following December), plotted the stages of a further gradual strengthening of the Economic and Monetary Union. The first, Banking Union, is currently being implemented.
As monetary policymakers, we are primarily focused on the cyclical mattersmeaning how the pandemic and the measures taken to address it complicated accomplishing our dual-mandate objectives of maximum employment and stable prices. Making the best monetary policy decisions over the business cycle requires distinguishing between temporary effects and lasting, structural changes.