Having the governance structure in place is certainly not a panacea. We recognize that the work agenda is complex and far reaching. Key reform initiatives that we have identified include Basel 3, Corporate Governance, Consumer Protection and Financial Education, Financial Market Infrastructure  2  BIS central bankers’ speeches  and Crisis Preparedness.
So in short, it is all about addressing institutional imperfections within EMU, improving the consistency between fiscal and monetary policies and kick starting structural economic reforms in member states. Notwithstanding the political intricacies of these issues, they can only be solved with credible commitment from public policy makers.