I have also looked towards the future, and outlined the challenges that lie ahead and how we might best deal with them. The most significant aspects are as follows. It is the member states who hold the key to sustainably overcoming the crisis in Europe.
8  BIS central bankers’ speeches  The European banking system, the member states and the European regulatory framework have to be made more crisis-resistant so that the euro area can return to a path of sustainable growth. As I mentioned earlier on, there’s plenty of good news at all three of these levels. But that doesn’t mean we can declare the crisis over.