Sixth and seventh Sybilline Book: Taking into account the global economy  The sixth message of the Sibylline Books might read as follows: “Be aware of relevant developments outside your own region.” Financial stability is a systemic and a global phenomenon. And as is well known global imbalances play an important role. The savings glut is seeking safe and high yield assets.
This applies in particular to the crisis mechanism – both at the conceptual level and in terms of the technical implementation. All too often, the devil is in the detail, and we cannot afford to make any mistakes there. 4.2  Creating a fiscal union  The alternative, second path towards a stable monetary union is by way of a fiscal union.