Other central banks had to innovate in order to step up their intermediation role by resorting to specific targeted facilities outside their standard operating environment. Modalities and parameters of intervention were adapted to local circumstances, such as the depth and liquidity of financial markets and the degree of intermediation in the financing of the economy, which differ considerably across major economies.
Werner argues that the degree of European integration should be proportionate to the objective, and that any transfer of power to the EU level should go hand-in-hand with a corresponding transfer of parliamentary responsibility. So far, the political dimension of the EU’s integration has been the most neglected.