The government, parliament and electorate of each euro-area country must be  BIS central bankers’ speeches  3  responsible for ensuring that their economy is competitive and performs well, that the country generates growth and employment under its own steam, that its government finances are sustainable in the long term, and that excessive public deficits and debt are eliminated so that the country can absorb cyclical shocks without external assistance.
We learnt the hard way how quickly and severely financial sector problems in one country can spread to another. We also experienced the severity of negative feedback loops between sovereigns and banks. National supervisors have been heavily challenged by crossborder banking and financial activities.