To preserve this framework, the focus should be on improving the governance structure so as to ensure that the euro area does not gradually slide into a regime of fiscal dominance. Within the constraint of its given mandate, the ECB has moved towards improving the policy mix through the expansion of its balance sheet aimed at stimulating economic activity.
At the same time, we will continue to use our financial stability tools to prevent the buildup of risks in the financial system and, when needed, to address strains that may emerge. 2/3  BIS - Central bankers' speeches  1 The views expressed here are my own and are not necessarily those of my  colleagues on the Federal Open Market Committee.