At the European level, the revamp of the Stability and Growth Pact and the creation of the European Stability Mechanism (ESM) strengthened the fiscal framework and the crisis management capacity with a permanent funding instrument.
Moreover, the decision to establish the Banking Union in 2012 has put in place the basis for a supranational supervision and crisis 1 / 16  BIS central bankers' speeches  management. Also at country level, steps were taken to correct macroeconomic imbalances, including through the implementation of structural reforms.