Such measures typically take effect long after the need for  BIS Review 69/2002  1  additional stimulus has passed, and they are often difficult to reverse. In the end, they often simply weaken a country's structural budget position. Without a doubt, the most suitable tool for dealing with any short-term cyclical problems in the economy is monetary policy.
Capital Markets Union Let me now turn to the next key project in the financial field, namely the creation of a Capital Markets Union (CMU). But firstly, I would like to focus on risk-sharing in the EU based on a survey on estimates of risk sharing effects in the US and latest estimates for Europe.