BIS central bankers’ speeches  3  2.2  A fiscal union  In their approach, the Five Presidents are aiming – metaphorically speaking – at a more symmetric approach. Completing EMU, as they understand it, implies risk-sharing and centralisation of economic policy issues.
The extraordinary challenge facing policy makers globally is how to roll-out an ambitious programme of ensuring that the global recovery is sustainable and can gain momentum, by simultaneously implementing various initiatives while ensuring that they don’t conflict with each other.