In particular, the agreement on establishing a backstop to the Single Resolution Fund, which demonstrates the euro area’s commitment to completing the banking union, now needs to be operationalised to ensure that it works swiftly and effectively. We should also rekindle trust in our economic and fiscal framework by making it more effective in ensuring sound policymaking at national level.
These actions are also further supported at the European level by the recent decision to launch a euro area budgetary instrument for convergence and competitiveness. A more complete EMU will be a better foundation for a stable and resilient euro area economy that contributes to global 2/3  BIS central bankers' speeches  economic growth and financial stability.